Abiola & Sons Bottling Company Ltd Vs Seven-up Bottling Company Ltd & Ors (2012)

LAWGLOBAL HUB Lead Judgment Report

BODE RHODES-VIVOUR, JSC

The 3rd Respondent/cross-appellant is one of the Appellants Bankers. It granted loans amounting to 3.5 Million (three Million and five hundred thousand Naira) to the Appellant. The loan was secured by a Debenture Deed dated the 27th of November 1986 in favour of the 3rd respondent. Owing to the appellants default in repaying the loan with interest, the 3rd respondent/cross-appellant relied on a provision in the Debenture Deed, and appointed the 2nd respondent/cross-appellant the Receiver/Manager over the assets of the; appellant. In performing his duties the 2nd respondent/cross-appellant sold some of the assets of the

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appellant to the 1st respondent.

Alarmed by the sale of its assets the appellant, as plaintiff took out a Writ of Summons in a Kwara State High Court, Ilorin Division, against the respondents/cross-appellants for:

A DECLARATION that the removal, sale, disposal of and/or sharing by the defendant of the (subject matter) 44 vehicles and/or plants in total disregard of a subsisting court order restraining them from so doing is illegal, null and void and of no effect whatsoever.

AND/OR

A DECLARATION that the removal, sale, disposal of and/or sharing of the said 44 vehicles and/or plants during the pendency of Suit No.KWS/215/88 is illegal, null and void and of no effect whatsoever

AND/OR

A DECLARATION that the removal, sale, and/or disposal of the said 44 vehicles and/or plants by the defendants without compliance with the provisions of the Auctioneers Law, Cap 10 Laws of Northern Nigeria applicable to Kwara State is illegal, null and void and of no effect whatsoever.

RESTITUTION OF THE SAID 44 VEHICLES AND PLANTS in the working conditions they were before the defendants illegally sold them

ALTERNATIVELY

A SUM OF N18,O31,890.00K being the market value of the said 44 vehicles and plants illegally sold, disposed of and/or shared by the defendants.

GENERAL DAMAGES of a sum of N132,919.181. 00K