Innoson Motors Vs GT Bank Saga; Supreme Court Notice Error, Reverses Earlier N2.4bn Judgment on the Case
- There is a fresh twist in the long standing case between Innoson Motors and Guaranty Trust Bank
- Innoson motors have been claiming that the financial institution since 2014 have refused to pay its debts owed
- The chairman of Innoson Nigeria Limited, Innocent Chukwuma took to media to threaten to take over GTB after he won a case at Supreme Court but now it has been reversed
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The Supreme Court has reversed its earlier ruling on a N2.4 billion judgment given in favour of Innoson Motors Nigeria Limited by the Court of Appeal.
The apex court had dismissed the Guarantee Trust Bank (GTB)’s appeal in the February 27, 2019 ruling delivered by the Court of Appeal, Ibadan, Oyo State.
In a ruling on Friday, the Punch reports a five-man panel of the Supreme Court led by Justice Olulayode Ariwoola admitted that the apex court erred when it dismissed GTB’s appeal on the appellate court’s ruling.
Source: Facebook
Justice Tijani Abubakar wrote the lead judgement which was read by Justice Abdu Aboki on Friday.
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He noted that the Supreme Court Registrar erred by failing to draw the panel’s attention to the GTB’s appeal who had sought a relisting of the appeal.
The Innoson Group and GTB are embroiled in a long standing dispute over an outstanding N4.2 billion debt by the bank.
What the Judge said on Innoson vs GTB case restart
The judge said:
“I am convinced that at the material time that the appellant’s appeal was inadvertently dismissed by this court, there was in place, a valid and subsisting brief of argument filed by the applicant.
“It will be unjust to visit the sin of the court’s Registry on an innocent, vigilant, proactive, and diligent litigant.
“It is obvious from the material before us, that there were errors committed by the Registry of this court, having failed to bring to the notice of the panel of Justices that sat in chambers on the 27th February 2019 that the appellant had indeed filed its brief of argument.
“This is a case deserving of positive consideration by this court.
“Having gone through all the materials in this application, therefore, I am satisfied that the appellant/applicant’s brief of argument was filed before the order of this court made on the 27th of February 2019 dismissing the applicant’s appeal.
“The order dismissing the appeal was therefore made in error. It ought not to have been made if all materials were disclosed. The application is, therefore, meritorious and hereby succeeds.”
Consequently, the apex court ordered the reinstatement of GTB’s appeal and dismissal of the previous ruling.
Cars45 CEO explains why Innoson struggles against foreign brands
The Chief Executive Officer of Cars45, Soumobroto Ganguly, gave reasons Nigerian carmaker, Innoson Vehicles, is struggling against foreign brands.
Ganguly said Africans don't have pride for products made in Africa compared to foreign vehicles, and Innoson needs government support for car importation.
The CEO said government needs to patronise Innoson as well in order to become a major client of the local car manufacturer and encourage high volume of production.
Source: Legit.ng
