The Primero Transport Services Ltd., operator of the Bus Rapid Transit (BRT) in Lagos, has suspended operations of the Ikorodu to Tafawa Balewa Square (TBS) route from Wednesday.
Seapro Energy Limited has filed a winding-up petition on grounds of insolvency against Primero Transport Services Limited, the operators of BRT buses in Lagos State.
The suit, according to the firm, is in line with the Companies And Allied Matters Act 2020.
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, counsel to the firm, Tochukwu Onyiuke, prayed the court to declare the respondent insolvent and wind it up on grounds that the respondent’s liabilities owed to the petitioner and other creditors are in excess of its assets.
The petitioner submitted that respondent’s debt to it for the petroleum product supplied is N166,407,168, which is above and over the respondent’s nominal capital of N100,000,000 paid up or credited as paid up.
According to Seapro Energy, the particulars of the matter is that between January 21, 2020 and February 27, 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 at different dates.
The petitioner said the product was delivered with the agreement that payment would be effected within 60 days and the due date for payments was March 27, 2020.
It stated that the initial cumulative invoice amount was N206,407,768, but in November 2020, the respondent made part payment of N40,000,000, leaving balance of N166,407,768 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”, the petitioner claimed.
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.
“It is therefore the petitioner’s view/contention that the respondent is insolvent, hence unable to pay the debt,” it claimed, praying the court to wind-up the company 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 from the respondent’s assets.
The respondent 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