JUDGMENT
ARYENE, JA
This is an appeal against the ruling of the High Court (Commercial Court Division) delivered on 30th November 2017. The facts of this case are simple. Pursuant to the Banks and Specialized Deposit-Taking Institutions Act of 2016, (Act 930), 1st Defendant revoked the banking license of UT Bank of which Plaintiff is a shareholder. The Central Bank then entered into a Purchase and Assumption Agreement with 4th Defendant by which the latter took over all deposits and liabilities and selected assets of the UT Bank. 1st Defendant also appoint 2nd and 3rd Defendants as Receivers.
In this judgment, Plaintiff/Appellant will be referred to as Plaintiff and the Defendants/Respondents as Defendants.
Aggrieved by the action of 1st Defendant, Plaintiff issued a Writ of Summons against the Defendants seeking the following reliefs:
1. A declaration that on a true and proper interpretation of section 123 of the Banks and Specialized Deposit-Taking Institutions Act of 2016,…