By Onyewuchi Ojinnaka
A business outfit, Seapro Energy Limited, trading on petroleum products has pursuant to Companies And Allied Matters Act 2020, filed a winding-up petition/suit on grounds of perceived insolvency against Primero Transport Services Limited, the operators of BRT buses in Lagos State.
The petition/suit No FHC/L/CP/284/2021 was filed at the Federal High Court Lagos before Justice Chukwujekwu Aneke on February 23, 2021.
In the petition filed by Seapro Energy Limited (petitioner) by its lawyer Tochukwu Onyiuke, the firm prayed the court to declare Primero Transport Services Limited, operators of BRT buses (respondent) insolvent and wind it up on grounds that the respondent’s liabilities owed to the petitioner and other creditors are in excess of the assets.
The petitioner submits that respondent’s debt to it for the petroleum product supplied is N166, 407, 768 .00 which is above and over the respondent’s nominalcapital of N100, 000, 000. 00 paid up or credited as paid up.
According to Seapro Energy, the particulars of the matter is that between 21st January, 2020 and 27th February, 2020, it effected supply of Automotive Gas Oil (AGO) popularly called diesel to Primero Transport Services Limited at its New BRT depot, Majidun-Awori, Ikorodu Lagos.
It avers that the supply of the AGO to the respondent has the following purchase orders: Purchase Order 10955 dated January 21, 2020; Purchase Order 10956 dated January 21,2020; Purchase Order 10964 dated January 31, 2020; Purchase Order 10985 dated February 14, 2020; and Purchase Order 10989 dated February 26, 2020.
Seapro Energy states that at various times it supplied the AGO, the respondent acknowledged receipt of the product at its New BRT depot Majidun-Awori, Ikorodu Lagos.
Furthermore, the product was delivered with payment to be effected within 60 days and the due date for payments was March 27, 2020.
It states that the initial cumulative invoice amount was N206, 407, 768.00 owed Seapro Energy Limited by Primero Transport Services Limited, but in November 2020, the respondent made part payment of N40,000, 000.00 leaving balance of N166, 407, 768.00 after the due date.
The respondent has not at any time denied its indebtedness to the petitioner, rather it admitted same in several letters and meetings held with the petitioner.
According to the petitioner, it has made several demands to the respondent for payment of its debt after due date but the respondent has failed and neglected to pay the said sum owed.
The petitioner avers that it made further application to the respondent for payment of its debt but till date, it has failed and neglected to pay the sum or any part thereof.
It is therefore the petitioner’s view/contention that the respondent is insolvent, hence unable to pay the debt.
Consequently, Seapro Energy Limited prays that Primero Transport Services Limited be wound up by the court under the provisions of the Companies And Allied Matters Act, 2020.
It further prays for an order of the court directing the liquidator to pay petitioner the total outstanding debt of N166, 407, 768.00 due from the respondent to the petitioner from the respondent’s assets.
And for such other orders that may be made in the premises as shall be just.
The respondent in this case is yet to respond despite having been served the petition.
Meanwhile, the matter was heard on Tuesday June 22 and adjourned till October 28 for motion to advertise.