The lingering dispute between the Innoson Vehicle
Manufacturing (IVM) and the Guaranty Trust Bank (GTB) deepened on Wednesday as
the Awka Division of the Federal High Court presided over by Justice I. B.
Gafai who refused to grant the bank’s prayers seeking a stay or suspension of
the execution of judgement debt embarked on recently by the IVM.
The bank had demanded that the court should set aside its
orders of March 27, 2019, which granted
Innoson leave to enforce the judgment, issue processes for enforcing the
judgment and levying execution- the Writ of Fifa against Guaranty Trust Bank.
The court had granted leave to Innoson Nigeria Ltd to
enforce and execute the judgment and Garnishee Order Absolute made by the
Ibadan Judicial Division of the Federal High Court on the 18th of May 2010 and
the 29th of July 2011 respectively.
The order was concurrently affirmed by the Court of Appeal
in the judgment of 6th February 2014 and by the Supreme Court in its judgment
of 27th February 2019.
However, as Innoson Nigeria Limited commenced the execution,
GTB approached the court vide its motion on notice seeking orders staying or
suspending the execution embarked by Innoson and also seeking orders setting
aside the exparte orders made by the Court granting Innoson leave to enforce
the judgment and to issue the processes of executing same.
Delivering the court’s ruling on the matter, Justice Gafai
held that the order the court made on March 27th, 2019 in favor of Innoson
granting it leave to enforce the judgment and issue processes of execution of
the judgment are valid; and also that all the steps taken to levy executions in
pursuance of that order are still valid and are not vacated; whilst all the
prayers by GTB in its motion of 1st April 2019 are not granted.
The court stayed further proceedings relating to contempt
against GTB, its MD - Segun Agbaje; Chairman, Mrs. Osaretin Demuren, and
Secretary, Mr. Erhi Obebeduo, to enable the Supreme Court hear GTB’s newly filed
motion at the apex court in respect of
the matter.
Subsequently, the matter was adjourned to October 17, 2019, for hearing of the pending
applications - the contempt application.
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