AMCON appeals order vacating its take over of Bi-Courtney, MM2
(Nigeria )
Assets Management Corporation of Nigeria , AMCON on Tuesday appealed against an order of the Federal High Court in Lagos , which vacated an
earlier order which granted it to take over assets of Bi-Courtney Group, owned by Mr Wale Babalakin, SAN.
Justice Ibrahim Buba, had on September 29, upturned an
order by Justice Okon Abang for AMCON to
take over assets of Wale Babalakin, SAN, Chairman of Bi-Courtney Group.
Abang, had on September 22, granted Dr Olisa Agbakoba, SAN,
a former president of the Nigerian Bar Association receivership of the assets
of Babalakin.
The assets include the Terminal 2 of Murtala Muhammed
International Airport, Bi-Courtney Group, Chartered Investment Ltd, Resort
International Ltd and Roygate Properties Ltd..
The order was based on a N50 billion debt allegedly owed
AMCON by Babalakin.
Buba had upturned Abang's ruling and held that the order
amounted to an abuse of court process since they was made in the face of
previous orders and suits in respect of the same subject matter.
Dissatisfied with the order, AMCON, through its lawyer,
Agbakoba, had filed a notice of appeal and formulated four grounds before the
appellate court.
On the first ground, Agbakoba argued that the trial court
erred in law and misdirected itself when it held and granted the oral
application of lawyers to the Bi-Courtney Group to vacate the receivership
order.
He contended that Part 14 of AMCON Practice Directions 2013
was clear that all applications other than a simple application must be filed
and served on each party before hearing.
On the second ground, the appellant argued that Justice Buba
equally erred and misapplied the law when he held that the order of Justice
Abang amounted to an abuse of court process as the cause of action in the suit
before the court was different.
No date has been fixed for hearing of the appeal.
Comments
Post a Comment