The Federal High Court in Lagos has vacated a restraining order against R.T. Briscoe Nigeria Plc barring it from withdrawing its funds in any bank over an alleged N2.5billion debt owed Diamond Bank Plc.
Justice Ibrahim Buba lifted the interim injunction restraining the company, its directors or management from “operating, withdrawing from or otherwise tampering with its funds in any bank of financial institution within Nigeria.”
Diamond Bank, in its winding-up petition filed through its lawyer, Kunle Ogunba (SAN), said R.T Briscoe obtained global facilities from it for the purchase of Toyota brands of vehicles and spare parts, importation of Atco brand of generators and compressors, purchase of a piece of land in GRA, augmentation of its working capital, among others.
“The respondent is still heavily indebted to the petitioner in the sum of N2,478,284,729.88 as at May 2016,” the bank said.
But, R.T Briscoe urged the court to discharge or set aside the interim order of injunction because the bank allegedly suppressed and misrepresented material facts to the court.
The company said the Companies Winding Up Rules require the petitioner to make the application for injunction on notice rather than ex-parte.
“There are third party interests being adversely affected by the interim order of injunction granted against the respondent,” R.T Briscoe said.
The company denied being indebted to the bank to the tune of N2.5billion as at May “or at any time”.
It claimed to have been servicing its loan obligations monthly despite awaiting the final approval for the loan restructuring.
R.T Briscoe said its business has been “crippled” by the order as no staff or contractors or suppliers could be paid.
“It is in the interest of justice to set aside and discharge the interim order of injunction,” the company added.
The bank has appealed against the discharge of the interim order on the basis that courts have inherent jurisdiction to appoint a provisional liquidator to preserve the subject-matter (res) in a winding-up petition.