N202m Debt: Intercont'l Bank Wants ADC Wound Up
By Chika Amanze-Nwachuku
A Federal High Court sitting in Lagos has been asked to wind up the Aviation Development Company (ADC) for its alleged refusal to repay about N202,218,252.80 loan granted it by Intercontinental Bank Plc.
In a winding-up petition brought through its counsel, Mr Kunle Ogunba, the bank (petitioner) claimed that it granted the ADC a N30 million facility through one Captain M.E. Udom, who also is the Managing Director of the aviation company.
According to the petitioner, by another offer letter dated September 1, 1999 it granted further facility to the respondent company to the tune of N82.5 million.
The bank alleged that the respondents refused to liquidate the entire facility upon expiration, a situation which prompted the petitioner to on October 28, 2002, renew the facility to afford the respondent more time to liquidate the indebtedness.
Following the alleged refusal of the aviation company to repay the loan, despite repeated demands, the bank, brought the petition, before the court presided over by Justice Mohammed Shuaibu, praying it to wind-up the company as being insolvent.
The court after hearing the counsel to the bank ordered that the petition be advertise in The Guardian.
Sequel to the order, the petitioner again filed a motion on notice before the court, praying it for an order appointing its Admiralty Marshall or any other credible person as provisional liquidator to take charge of the fleet of aircraft, identified assets, properties, funds, in banks and/or investments of the respondent company within and outside Nigeria pending the hearing and determination of the winding-up petition.
At the commencement of the matter, yesterday, counsel for the ADC, Mr Sam Akpabio, said the respondent has filed a motion challenging the jurisdiction of the court to make an order directing the advertisement of the winding-up petition.
Akpabio who said the order was made out of jurisdiction insisted that the court should first hear his application seeking to set aside the said order as it touches on the jurisdiction of the court.
But Ogunba who opposed the submission asked the court to hear the winding-up petition together with the respondent's motion to save the time of the court.
Meanwhile, some of the creditors to the aviation company, including Inland Bank, Diamond Bank and Federal Board of Inland Revenue, have come before the court to notify their intention to join in the matter.
Justice Shuaibu has therefore adjourned the matter to July 23.
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