Justice Chukwujekwu Aneke of the Federal High Court, Lagos Judicial Division, has again restrained the Asset Management Corporation of Nigeria, from selling Ibadan Electricity Distribution Company (IBEDC) Plc.
The court’s ruling on the interlocutory injunction sought by the defendants in the suit specifically prevents AMCON from alienating, selling, disposing of or transferring IBEDC pending the final decision of the suit.
The 11 defendants include Energy Distribution and Integrated Marketing Company, Tunde Ayeni, Olusola Ayandele, and personal legal representative of Idahosa Okunbo estate.
Others are Akere Ayanwola, Kayode Ojutiku, Folu Olusanya, Aliyu Ibrahim, Usman Mohammad, Abubakar Aminu and IBEDC.
He sued AMCON and asked the court to determine whether the plaintiff has the right to remain in possession, manage and exercise all powers of receiver or manager over all the assets of defendant 1.
He also sought the court’s relief as to what the 2nd, 3rd and 4th defendants and indeed all the other defendants are liable to the plaintiff for the debts claimed against the properties and assets of the first defendant.
This is because of the personal guarantee issued in respect of the loan, the subject of this suit is also under sections 48, 49, 50 and 61 of the Act, read together.
The plaintiffs also seek a number of reliefs including but not limited to a court order confirming the appointment of the plaintiff as receiver and manager and protecting the plaintiff’s power to act and continue as manager.
The applicant’s counsel, Dele Adesina, in November 2022 complained about AMCON’s tactic of disposing of IBEDC despite what he described as a problem to settle or settlement matters initiated by both parties.
He lamented the efforts of the plaintiff to close the door of justice against the defendants for being tried in this case.
Also read: Tit to tat as Oyo govt, IBEDC clash over debt
While granting the injunction requested by the applicants, pending the final decision of the suit, the court also made the following order requested by the applicants.
It should be noted that AMCON took over the management of IBEDC following the judgment of the Federal High Court on September 8, 2021.
It gives a preferred order as Receiver/Manager of Integrated Energy Distribution and Marketing (IEDM) Limited, the core investor of IBEDC, exceeding the default in the Loan Servicing Agreement.
(IN)
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