13th May, 2016
Akin Kuponiyi
In a bid to recover a debt of N153million, a limited liability company AYM SHAFA Limited has filed a winding up petition against JAPAUL ENERGY Limited, a petroleum product marketing company.
In the winding up petition filed before a Federal high court in Lagos, southwest Nigeria by Barrister Chris Ekemezie on behalf of the petitioner, it was alleged that Japaul Energy company, offered to sell to AMY Shafa company two million worth of Premium Motor Spirit (PMS) at the price of N76.6 per litre valued at N153 million.
The two million liters of the PMS was to be lifted by the petitioner from a farmland known as Mainland Oil Depot in Calabar, Cross River State between 5 and 12 October, 2015.
Pursuant to this offer, the petitioner paid the Respondent on 22 September, 2015, the sum of N153 million which the company issued a receipt signed by Amondi Ashang, the operation manager of the Respondent.
However, the petitioner alleged that despite collecting N153 million, 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 had no PMS stored therein and none was on the high sea.
AMY Shafa then made efforts to get the N153 million paid to Japaul Energy back but its efforts were futile as the Respondent failed to pay back.
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 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, stating that, it is an abuse of court process.
Asemudara explained that Japaul Energy was only experiencing a 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 25 May, 2016 for hearing.