P
ProfRem
Guest
Skye Bank Plc has been favoured to take over Intercontinental Hotel over an alleged debt.
It appointed a Senior Advocate of Nigeria (SAN), Mr. Kunle Ogunba, as the hotel’s receiver-manager in order to preserve its assets.
The hotel, with 361 rooms, is on Plot 244 and 245 (now 52) Kofo Abayomi Street on Victoria Island in Lagos.
The Federal High Court in Lagos under Justice Babs Kuewumi ordered Skye Bank Plc to take over and preserve the assets Milan Industries Limited (the defendant), particularly the hotel which is covered by a deed of legal mortgage, pending he hearing and determination of the plaintiff’s motion on notice.
The court also made an interim order granting judicial protection to Ogunba, who was appointed by the bank as the receiver-manager of the hotel by virtue of a deed of appointment dated November 11, 2016 in furtherance of the legal mortgage.
The reasons for the decision of the court:
1. Skye bank claims to have lent Milan Industries, $29.8 million and N3.8 billion to build the hotel.
2. The bank also lent the company N500 million as overdraft.
3. The Bank said Milan industries has allegedly refused to pay both the loan and interest accruing.
4. The company has also failed to meet repayment plans for both the loan and interest outstanding.
5. The court order gives Skye bank authority to take over ALL assets of Milan Industries Limited including Intercontinental Hotel.
The hotel owners are yet to issue a press statement.
It appointed a Senior Advocate of Nigeria (SAN), Mr. Kunle Ogunba, as the hotel’s receiver-manager in order to preserve its assets.
The hotel, with 361 rooms, is on Plot 244 and 245 (now 52) Kofo Abayomi Street on Victoria Island in Lagos.
The Federal High Court in Lagos under Justice Babs Kuewumi ordered Skye Bank Plc to take over and preserve the assets Milan Industries Limited (the defendant), particularly the hotel which is covered by a deed of legal mortgage, pending he hearing and determination of the plaintiff’s motion on notice.
The court also made an interim order granting judicial protection to Ogunba, who was appointed by the bank as the receiver-manager of the hotel by virtue of a deed of appointment dated November 11, 2016 in furtherance of the legal mortgage.
The reasons for the decision of the court:
1. Skye bank claims to have lent Milan Industries, $29.8 million and N3.8 billion to build the hotel.
2. The bank also lent the company N500 million as overdraft.
3. The Bank said Milan industries has allegedly refused to pay both the loan and interest accruing.
4. The company has also failed to meet repayment plans for both the loan and interest outstanding.
5. The court order gives Skye bank authority to take over ALL assets of Milan Industries Limited including Intercontinental Hotel.
The hotel owners are yet to issue a press statement.
