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Debt Burden: Court Urge to Wind-up Japaul Energy Company


In a bid to recover a debt of N153million, a Limited Liability company AYM SHAFA Limited has filed a winding up petition against Petroleum product marketing company, JAPAUL ENERGY Limited.
In the winding up petition filed before a Federal high court in Lagos by a Lagos Lawyer, Barrister Chris Ekemezie on behalf of the Petitioner, it was alleged that Japaul Energy company, offered to sell to AMY Shafa company two million Premium Motor Spirit (PMS) at the price of N76.6 per litre valued at N153million
The two million liters of the PMS was to be lifted by the petitioner from farmland known as Mainland Oil Depot in Calabar, Cross River State between 5th and 12th October, 2015.
Pursuant to this offer, the petitioner paid the Respondent on 22nd September, 2015, the sum of N153Million which the company issued a receipt signed by Amondi Ashang, the operation manager of the Respondent.
However, the petitioner alleged that despite collecting N153million,Japaul Energy Company failed to supply the petitioner PMS in spite of repeated demands made by the petitioner.
When the Petitioner visited the Mainland Oil Depot tank farm at Calabar, it was discovered that the company has no PMS stored therein and none was in the high sea on it is way despite assurances made by the company all promises made by the company to pay the petitioner  failed.
Consequently, the petitioner averred that Japaul Energy company is insolvent and unable to pay its debts, in the circumstances, it is just and equitable that the Company be wound up, therefore prays the court that Japaul Energy Limited R C 947223 be wound-up by the court under the provision of sections 409(a) and 410(b) of the Companies and Allied Matter Act, Cap C20 laws of the Federation Nigeria.
However, the respondent in an objection filed before the court by Barrister Ige Asemudara, is urging the court to dismiss the petition for being incompetent, and an abuse of court process as there is only delay in supply of the product and not a case of inability to pay debt.

The presiding Judge Ibrahim Buba has adjourned the petition till 25th of May, 2016 for hearing.

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