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Food Concepts Entertainment Plc In Court Over N1.6Billion Facility Loan ...Case Adjourned till 11th December



A Federal high court sitting in Lagos south west Nigeria has adjourned till 11th of December, 2015, winding up petition filed by United bank For Africa (UBA) against Food Concepts Entertainment PLC.
In the said winding up petition filed before the court by a Lagos lawyer Barrister Kenneth Ahia on behalf of the bank, it was alleged that Foods Concepts and Entertainment PLC was granted a #1.6billion loan facility under the Central Bank of Nigeria Commercial Credit Scheme in November, 2009 to set up a mechanized poultry farm by UBA
The credit facility was initially for a period of five years with eighteen months moratorium on principal, base on the company's request, the moratorium was extended for additional nine months
The credit facility was secured by the assets of free Range farm company and the property of the company. The Company was also granted #120million overdraft and bank guarantee of #30million by the bank, thereafter the loan was restructured, however despite the extension of the loan, Food concepts has refused to liquidate its indebtedness

On 24th, February, 2014 the bank called in the facility as the company was owing the bank the sum of #1.886,352,263.89 while interest continues to run at the agreed interest rate.
Consequently, the petitioner contended that the company is insolvent and unable to pay its debt in the circumstances ,it is just and equitable that the company should be wound up, therefore the bank prays the court that the company should be wound up by the court under the provision of the company and allied matter Act.
However in an affidavit sworn to by Mr Ayo Ambali a litigation manager in the law firm of Rickey Tarfa, the Deponent averred that based on information received from Josephine Johnson who is the Company Secretary/Legal Adviser of Food Concepts PLC urged the court to strike out the petition for winding up for being incompetent on the ground that the suit was served on the wrong body as FOOD CONCEPTS AND ENTERTAINMENT PLC against whom the suit was commenced is not the same as FOOD CONCEPTS PLC because the company has before commencement of the suit changed its name to FOOD CONCEPTS PLC.

Consequently, FOOD CONCEPTS PLC being the registered name of the company and having not been reflected on the face of the processes filed and served, the petition is incompetent against the company, therefore in the interest of justice should be struck out.

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