Nigeria’s indigenous car manufacturer, Innoson Vehicle Manufacturing (IVM), has urged the Federal High Court in Awka, Anambra State to stop the management of the Guaranty Trust Bank (GTB) from de-registering itself as a limited liability company until it pays the judgment debt of N32 billion to the company.

The IVM, in a statement by its Head of Corporate Communications, Cornel Osigwe, lamented that rather than clear its judgment debt, the bank was seeking for a clever exit strategy contrary to judgments of several courts.

Osigwe said the bank was yet to come up with a payment plan to defray the judgment debt of N32 billion, raising the alarm that the bank is presently trying to de-register itself, hence the court action.

“While we await the bank to come up with a payment plan for its over N32 billion judgment debt, GTB resorted to a scheme of de-registering itself as a public limited liability company and re-registering itself as a private limited liability company and a financial holding company as well. Innoson Nig Ltd, as its creditor, has as a result sued GTB at the Federal High Court.”

Innoson in the latest court action is seeking a perpetual injunction (a) restraining the 4th defendant (Corporate Affairs Commission) from deregistering the 1st defendant (GTB) as a public limited liability company and/or re-registering the 1st defendant (GTB) as a private limited liability until it — GTB — pays the outstanding judgment debt of N32,875,204,984.38k arising from Suit Nos: FHC/L/CS/603/2006 and No. FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in appeal Nos. CA/1/258/2011, SC.694/2014 and CA /E/288/2013 to Innoson Nig Ltd.

It is also seeking an order of perpetual injunction restraining the 4th defendant (Corporate Affairs Commission) from registering or re-registering the 1st defendant (GTB) as a holding or financial holding company whether as a public or private limited liability company until it — the 1st defendant (GTB) –pays Innoson Nigeria Ltd the outstanding total judgment debt of N32,875,204,984.38k arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWk/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014 and CA/E/288/2013.

It also asked for an order cancelling the 1st defendant’s (GTB’s) special resolution and/or any other of its resolution that it should be deregistered as a public limited liability company and/or be re-registered as a private limited liability company and/or a holding company until it — the 1st defendant (GTB) — pays Innoson Nig Ltd the total outstanding judgment debt of N32,875,204,984.38k arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWk/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014 and CA/E/288/2013.

The release further noted that the vehicle manufacturing company is seeking for an order setting aside the 3rd defendant’s (Security and Exchange Commission) No -objection to 1st defendant’s proposal to be re-registered as a private limited liability company and as a holding or a holding financial company, an order setting aside the 2nd defendant’s (Central Bank of Nigeria) approval in principal granted to the 1st defendant (GTB) to operate as a holding or a holding financial company.

It also asked the court for an order of perpetual injunction restraining the 2nd defendant (Central Bank of Nigeria) from granting the 1st defendant (GTB) a financial holding company licence and/or a final approval to operate or carry on business as a financial holding company whether in its present name or as a private limited liability company until it, the 1st defendant (GTB )pays the plaintiff (Innoson Nig Ltd) the total outstanding judgment debt of N32,875,204,984. 38k arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014, and CA/E/288/2013.