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, in an effort to reach a peaceful out-of-court settlement.
In a joint and several lawsuit, AMCON sued Ramesh Hathiramani and Dana Motors Limited for a court order to recover a total of N7.3 billion in debts and accrued interest.
The Defendants then approached AMCON to restructure their loans and sell all of the securities for the loans listed in an effort to settle the dispute amicably while taking into account their business relationship, and the Parties came to an agreement.
The term of the settlement includes that all out-of-pocket expenses incurred in the arrangement, administration and recovery of the facility and/or prosecuting or defending any legal action, including but not limited to stamp duty, solicitors’ charges, travelling expenses, insurance premium(s) and other statutory fees, shall be borne by the Defendants and may be debited to the account of the Defendants without further recourse.
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.
The term of settlement has already been entered by the court as a judgement of the court.