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 …

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