ACCESS BANK LTD
V.
MARKET DIRECT AND OTHERS
KOOMSON J.
In this application the Receivers/Managers/Applicants pray the Court for a declaratory Order that the Revenue Administration Act, 2016 (Act 915) is not applicable to a secured debt which has a proceeding on it pending in a court of law and for a further order debonding the warehouse of the 4th Defendant which has been the subject-matter of sale during the Receivership period.
I have read the application and supporting affidavit. I have further read the affidavit in opposition and the supplementary affidavit in opposition. Regard has been given to the oral submissions made by both Counsel for and against the motion. I have given thoughtful consideration to Section 110(5) and 111 of the Revenue Administration Act, 2016 (Act 915) and Section 46(7) of the Income Tax Act, 2015 (Act 896).
It is however useful for me to place emphasis on the Section 46(7) of the 7th Schedule of Act 896 which provides:
“Subparagraph (6) does not apply to secured debt”
The preceding paragraph 6 had stat…