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CASE TITLE: NEWGATE MICROFINANCE BANK (NIG) LTD & ORS v. KEYSTONE BANK (2019) LPELR-47581(CA)
JUDGMENT DATE: 21ST MAY, 2019
PRACTICE AREA: CIVIL PROCEDURE
LEAD JUDGMENT: JOSEPH SHAGBAOR IKYEGH, J.C.A.
SUMMARY OF JUDGMENT:
INTRODUCTION
This appeal borders on Civil Procedure.
FACTS
This appeal is against the judgment of the High Court of Lagos State whereby it entered summary judgment in the sum of N15,000,000.00 (fifteen million naira) against the appellants in favour of the respondent being money owed the respondent by the appellants on a credit facility granted by the former to the latter.
The 1st appellant was granted a loan with interest of 19% per annum by the respondent guaranteed by the 2nd – 3rd appellants which rose to N15 million and became due without repayment upon demand by the respondent. The respondent brought an action for summary judgment in respect of the said sum of money owed by the 1st appellant and guaranteed by the 2nd – 3rd appellants. The action was supported by affidavit evidence and an amended statement of claim. The appellants filed a motion for extension of time to defend the action. The motion was filed a day after close of proceedings.
The Court below considered the defence contained in the motion and ruled that the defence was not bona fide and entered summary judgment for the said sum of N15 million in favour of the respondent against the appellant.
Dissatisfied with the judgment, the appellant appealed to the Court of Appeal.
ISSUES FOR DETERMINATION
The Court of Appeal determined the appeal on its merit.
DECISION/HELD
In conclusion, the Court of Appeal found the appeal unmeritorious and consequently dismissed the appeal.
RATIOS:
- COMPANY LAW- WINDING UP: Distinction between liquidation of a company and dissolution of a company
- COURT- DISCRETION OF COURT: At what instance will a court readily exercise its discretion to extend the periods prescribed for doing an act.
- LIMITATION LAW- LIMITATION PERIOD: Whether the pendency of the action in Court stops time from running for the purpose of the limitation period.
- PRACTICE AND PROCEDURE- SUMMARY JUDGMENT PROCEDURE: Essence and purpose of the summary judgment procedure; when summary judgment procedure is resorted to by a plaintiff
- PRACTICE AND PROCEDURE- SUMMARY JUDGMENT PROCEDURE: When will a plaintiff be entitled to judgment under the summary judgment procedure
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