A Federal High Court, Lagos, has again adjourned ruling on whether the Receiver Manager appointed by Access Bank should vacate the premises of Doyin Motors.
The bank had filed a suit against Doyin Motors and its managing director, Mr Ayorinde Adedoyin over an alleged failure of Doyin Motors to repay the credit facility granted to it in 2006 to finance the operation and maintenance of Shell Petroleum and Development Company (SPDC) vehicles in Western Region
Sequel to the failure of the  company to liquidate the debt said to be N210 million,
its premises at both 11A Sapara Williams Close, off  Idowu Martins Street, Victoria Island and Plot 27, Iganmu Industrial Estate, Orile Iganmu Lagos, were taken over by a receiver/manager appointed by Access Bank due to the indebtedness of the company to the bank.
The bank had sued the defendants alleging that Ayorinde, son of Chief Samuel Adedoyin, a notable industrialist and his company had defaulted in the payment of the facility.
The bank further alleged that all efforts to get the defendants pay back the loan failed pointing out that all the letters  demanding the repayment were not responded.
The development made the court presided over by Justice Ahmed Mohammed to concede to the bank’s move to appoint a receiver manager over the affairs of the company as contained in the agreement signed by both parties.
The judge also restrained the defendants from interfering, tempering, removing from the jurisdiction of the court funds and receivable from SPDC, MTN, EIF Petroleum, GT Bank, Nestle Foods Plc, Nigeria Breweries Plc, various embassies and any financial institution in Nigeria or outside the country, pending the hearing and final determination of the motion on notice.
In their submission, the defendants had urged the court to discharge the interim order which allowed the bank to take over the company and another order that the receiver/manager appointed by the bank should vacate the premises of the firm located at 11A, Sapara Williams Street, Victoria Island, Lagos.
In a related development, an oil company, Peacegate Oil and Gas Limited has filed an application before the court urging it to discharge the order empowering the receiver/ manager to take over the premises of Doyin Motors.
The oil company also prayed the court to direct the receiver/manager to remove its agents and return all keys of the said premises to the General Manager of Peacegate Oil and Gas Limited.
The Oil firm contended in its application that the sealed premises do not belong to either Doyin Motors or Ayorinde Adedoyin , stressing that the premises  is the oil company’s headquarters.