The Vaswani Brothers To Lose Assets In Nigeria Over N11.4bn Debt

The order of the court was as a result of the company’s inability to pay a debt of N11,401,860,857.06 and $1,969,801.07.

The defendants in this suit are THP Limited, The Honda Place Limited, Connoisseur Investment Limited, Premium Seafoods Limited and Onward Fisheries Nigeria Limited who were alleged to have surety the loan.

In an affidavit sworn to by a litigation officer, Mr Segun Omoshola, filed and argued before the court by a Lagos lawyer, Barrister Temilolu Adamolekun, the deponent alleged that Stallion Nigerian Limited company in receivership was availed several loan facilities totaling the sum of N30.5 billion to augment its working capital needs as well as those of its related companies.

The loan facilities were drawn down and used by the Stallion Nigeria Limited Company in accordance with the offer letter.

The loan, was secured by the personal guarantee of Mr. Sunil Vaswani, who is the alter ego of Stallion Nigeria Limited, and five choice properties located in  Lagos, Port Harcourt and Abuja.

However when the facilities was matured, Stallion Nigeria Limited in receivership and the defendants Companies  who guaranteed the loan failed to liquidate the facilities which has continued to accrued interest.

As at March 31, 2018, Stallion Nigeria Limited’s indebtedness to the bank stood at N11,401,860,857.06 and $1,969,801.07 respectively.

The bank wrote several demand letters, made entreaties to the Stallion Nigeria Limited and the defendants companies to meet their obligations to the bank but all to no avail.

Upon the appointment of the receiver manager statutorily empower by law to take charge and remain in exclusive possession and control of the mortgaged properties and assets of Stallion Nigerian limited, the Receiver/manager needs the protection of the court to enable him perform his duties unhindered.

Consequently, Adamolekun urged the court to restrain the defendants, their directors, shareholders and their agents from intermeddling with or disturbing Mr Gbenga Akinde-Peters, the receiver manager from performing his duties as receiver/manager.

Justice Saliu Saidu, after hearing Barrister Adamolekun leading four other senior  counsels, while restraining the directors of the defendants companies from obstructing the Receiver/Manager from performing his duties, also issued an order protecting Akinde-Peters, appointed by the bank to take over all fixed and floating assets of Stallion Nigeria Limited company whenever the assets are found  in whatever form within the jurisdiction of the court particularly but not limited to all the assets of Stallion Nigeria Limited within the premises of its registered office at 270A, Ajose Adeogun Street, Victoria Island, Lagos pending the hearing and final determination of the motion on notice.

Thereafter the mater was adjourned till 16th of December, 2019 for the hearing of the substantive suit.