Guaranty Trust Bank, GTB, has called the ruling by a Federal High Court, Lagos, the order of the preservation of the assets of a company indebted to it, for which it appointed a receiver manager, pending the final adoption of the suit Court vacate.
The bank debt recovery in the N346 million suit against a businessman Otunba Corina Abioye Lagos, and his company, BSS steel rolling mills Limited, the Court to restrain Abioye or privies are benefit from the judgment of the Court by taking steps that affect the right of the bank to the Court of appeal will do to hear and determine the appeal submitted to the Court for arbitration already approach is prayer.
The bank official, Soga Dean in an affidavit in support of the application, governed that offer letters dated May 11, 2009, June 30, 2009 and March 2, 2010, GTB at the request of loan facilities, the bank granted a total different Abioye N400 million for imports of iron bars in the country, while the tenor for the repayment of all facilities was two years including three months moratorium.
The loan facilities are secured by all assets Act of fixed income over the fixed and floating assets of BSS steal rolling mills limited and tripartite legal mortgage on property located at 25 Sehinde Crescent Oshodi, Lagos State property of Corina Abioye, which the Vice-President of the BSS company.
Other security for the loan included tripartite legal mortgage over a five-bedroom duplex located at 24 c, Victoria Garden City, Victoria Island, Lagos State, tripartite legal mortgage on a property that by one Samuel Ariyo located on 191 Igbosere Road Lagos and full personal guarantee of Otunba Abioye facilities and interest thereof.
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