NATIONAL BANK OF NIGERIA LTD.
V.
THE ARE BROTHERS (NIGERIA) LTD

(1977) JELR 49351 (SC)

Supreme Court · SC.58/1976 · 24 Jun 1977 · Nigeria
·

Other Citations

NATIONAL BANK OF NIGERIA LTD. V. THE ARE BROTHERS (NIGERIA) LTD

CORAM

ATANDA FATAYI-WILLIAMS Justice of The Supreme Court of Nigeria AYO GABRIEL IRIKEFE Justice of The Supreme Court of Nigeria MOHAMMED BELLO Justice of The Supreme Court of Nigeria

Core Terms ^Beta

petition

petitioner

court

respondents

order

appellants

counsel

affidavit

learned trial judge

federal revenue court

letter of credit

limited liability company

national bank of nigeria limited

relevant paragraphs

rules of court

sum of n156,088.62

11th april

11th day of december

above ruling

a. g. irikefe

available evidence

chief f. r. a. williams

clear days

copy of the beneficiaries

correct exercise of the learned trial judges

evidence of the negotiation

extension of the time

given case

instance of the respondent

last visit of the managing director

letter of 21st february

lower court

managing director

matter of are brothers

matter of the companies decree

no. alb50

plan of the respondent

provisions of the companies decree

reasonable satisfaction of your petitioner

result of the long delay

said petition

security reasons

stipulated period of seven-days

such compliance

such extension

suit no. frc

temporary inability of the respondent

type of security

A. G. IRIKEFE, J.S.C (Delivering the leading Judgment): This appeal is a sequel to an interlocutory ruling delivered by the Federal Revenue Court on 9th July, 1974. There had been pending before that court, a winding-up petition filed by the appellants, a limited liability company engaged in banking business against the respondents, also a limited liability company. The said petition was brought on the ground that the respondents were unable to pay debt owed to the appellants. The relevant paragraphs in the petition allege as follows: -

"(5) There is relationship of banker and customer between your petitioner and the company.

(6.) The company is indebted to your petitioner in the sum of N156,088.62 as at 30th September, 1973 in respect of overdraft and banking facilities granted by the petitioner to the company together with interest accruing on the amount aforesaid.

(7.) On the 11th day of December, 1973 your petitioner served on the company by leaving it at the registered office of …