RITA NOSAKHARE PEMU, J.C.A. (Delivering the Leading Judgment): The Suit No.LD/502/2010, the subject matter of this appeal emanated from the High Court of Lagos State, by Writ of Summons and Statement of Claim dated 16th March, 2010.
The appeal is against the decision of M. O. Obadina J. (Mrs.) of the 20th day of January, 2011, contained in a Ruling, striking out the suit for failure to join the proper parties.
Simply put, the brief facts of the case is that, vide a Deed of Appointment by the 2nd Respondent, the 1st Respondent was appointed the Receiver/Manager of NEWSPIN LIMITED. This was pursuant to the provisions of a General Debenture dated 9th of March, 1995.
The 2nd Respondent offered to assign to the Appellant its interest in the property at Plot 14, Iganmu Industrial Estate, Surulere, Lagos for a period of 18 years. The sum of N37 Million was paid by the Appellant as consideration for the sublease, vide medium term loan facility.
The Appellant was put in physical possession of …