Omritas company debunks insolvency claim of AYM Shafa Limited

Omritas company debunks insolvency claim of AYM Shafa Limited

Thursday, June 28, 2018 3:20 pm


Akin Kuponiyi

A limited liability company, Omritas Energy Limited, has filed preliminary objection in addition to a counter affidavit against the winding up petition filed against it by a private company, AYM Shafa Limited.

In a winding up petition, filed before a Federal high court in Lagos south west Nigeria, by Barrister Sir Chris Ekemezie ,the Petitioner alleged that Omritas Energy Limited, at various times, was paid the total sum of N150 million to supply Dual Purpose Kerosene,but the company’s supply fell short of N57,690,00.

Upon various demands to pay its indebtedness, the company made various undertakings to pay yet each time it failed. Therefore, the petitioner urged the court to wind up the Omritas company.

However, in a counter affidavit sworn to by the managing Director of Omritas Energy Limited, Mrs Oluremi Ebun Philips, and filed before the court by a Lagos lawyer, Barrister Akin Olatunji, she averred that her company Omritas Energy limited is not in way indebted to the petitioner, AYM Shafa Limited in the sum of N57,690,000. Rather, her company received the sum of N150 million from the petitioner to supply 1million liters of dual Petrol or Kerosene. Her company supplied 337,000 litres before dock workers went on strike,this led to scarcity of Petroleum products. Therefore, the petitioner urged the defendant to convert the order to Automotive Gas Oil at the rate of N160.

The defendant averred that in order to meet the demand of the Petitioner,it made payment in advance to suppliers and over N60million of the defendant ‘s money for outstanding on AGO purchased by the defendant for delivery to the petitioner, but the petitioner has refused to receive the products on the ground that they are no longer ready to buy at the agreed price per litre based on an unfounded allegation that the price of AGO has come down.

In the face of this criss the defendant lost over 20 million litres , unable to do the off -loading and had to transfer the product to other suppliers with storage facilities to prevent further loss.

It was at this stage the defendant was ready to terminate the transaction with the Petitioner, whereby parties agreed to monetize liters outstanding in favour of the Petitioner and that came to N57,690,000.It was agreed that this sum be paid in four instalments.

The dispute between the Petitioner and the defendant is narrowed down to, at what price per litre was agreed upon and the new price the petition is ready to accept supply. Therefore, the defendant vehemently denied owing the petitioner the sum of N57,690,000.or any sum whatsoever. However the defendant is still liable to supply to the petitioner 360,563 litres of AGO according to the undertaking dated 29th of March, 2017.

Consequently, it is not true that the defendant is insolvent, as the defendant maintains more than 20 staff and crew on board and these are regular expenses carried out by the defendant.

Mrs Philips averred further that the outstanding 360,563.litres of AGO is a very insignificant proportion compared with 2 million liters the defendant ‘s company has supplied the petitioner within the six months when this transaction started.

The defendant has more than enough resources to meet the petitioner ‘s supply given a reasonable period of notice and agreement as to terms.

Consequently in the interest of justice, the defendant is urging the court to refuse the petitioner’s application.

Meanwhile, the presiding judge Olayinka Faji has adjourned till 17th of December, 2018,for hearing

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