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N32bn Debt: Innoson asks court to stop Deregisteration of GTB as a public liability company

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Nigeria’s auto manufacturing company, Innoson Nig Ltd, has approached a Federal High Court with a suit to restrain the guarantee trust bank from a purported deregistration as a public liability company.

Innoson is demanding a payment of 32.8 billion naira judgment debt by the bank before deregistration is carried out.

The tier one bank had lost a suit against the company at the Federal High Court, Awka Division on March 27th, 2019.

The vehicle maker also disclosed that the Supreme Court of Nigeria has equally struck out GT Bank’s motion filed to set aside its earlier decision made on 27th February 2019 dismissing GTB’s appeal against Court of Appeal judgement of 6th February 2014 in favour of Innoson Nigeria Ltd.

Innoson said as it started the execution of the judgement to recover the N32.87bn, GTB rushed to the court vide its desperate motion on notice.

The automobile manufacturer is seeking an order of perpetual injunction restraining the registration or re-registration of GT Bank as a holding or financial holding company.

The five-point prayer of the company before the court demands that the status of the bank should not change until it pay the debt it owes to the vehicle maker. (TVC)

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