N7.3B debt: Dana Motors, AMCON settle out of court

N7.3B debt: Dana Motors, AMCON settle out of court

In an effort to reach a peaceful out-of-court settlement, Dana Motors, its Chairman Ramesh Hathiramani, and the Assets Management Corporation of Nigeria (AMCON) have filed a term of settlement before a Federal high court sitting in Lagos, Southwest Nigeria.

AMCON filed a joint and several lawsuit against Ramesh Hathiramani and Dana Motors Limited seeking a court order to recover N7.3 billion in debts and interest.

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The Defendants then approached AMCON to restructure their loans and sell all of the securities for the loans listed in order to settle the dispute amicably while keeping their business relationship in mind, and the Parties reached an agreement.

The settlement stipulates that all out-of-pocket expenses incurred in the arrangement, administration, and recovery of the facility, as well as prosecuting or defending any legal action, including but not limited to stamp duty, solicitors’ fees, travel expenses, insurance premium(s), and other statutory fees, shall be borne by the Defendants and may be debited to their account without further recourse.

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The Parties also agreed to urge the Honourable Court to set aside the existing Default Judgment dated October 7, 2016.

They agreed not to institute or commence any other legal proceedings in connection or related to the claim or any issue which forms part of or the whole subject matter of Suit No. FHC/L/CS/390/2016.

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The term of settlement has already been entered by the court as a judgement of the court.

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