Debt: Court Orders Sale Of Arik Air’s Aircraft, Hangars, Other Movable Assets
LAGOS JULY 23RD (NEWSRANGERS)-An Abuja High Court has issued a major ruling mandating the sale of aircraft, hangars, and other movable assets owned by Arik Air Limited.
Specifically,the court directed sale of the aircraft with the registration numbers B737-700/5N-MJF, B737-800/5N-MJQ, DASH8-Q400, and 5N-BKX.
This decision comes as a result of the airline’s substantial outstanding debts owed to Atlas Petroleum International Limited and other creditors.
Justice O. A. Adeniyi,gave the ruling within the context of a legal dispute where Atlas Petroleum International Limited and Prince Arthur Eze acted as the applicants.
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Arik Air Limited was identified as the debtor in the case.
The court’s directive to sell off Arik Air’s assets aims to recover the funds owed to Atlas Petroleum International Limited and other creditors.
This legal action underscores the severity of the financial troubles facing Arik Air, once a leading airline in Nigeria.
The ex parte motion, which initiated the process, was filed on June 25, 2024.
An ex parte motion is a legal procedure where the case is presented and decided by the judge without requiring all parties to be present in court, often used in urgent situations.
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Posted by News Rangers
on Jul 23 2024. Filed under Business, National.
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