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RIASAND VENTURES LTD & NOBLE GOLD BIBIANI LTD v. RESPONDENT

April 13, 2016

SUPREME COURT

GHANA

CORAM

  • ATUGUBA JSC (PRESIDING)
  • ADINYIRA (MRS) JSC
  • YEBOAH JSC
  • BENIN JSC
  • AKAMBA JSC

Areas of Law

  • Civil Procedure
  • Corporate Law

AI Generated Summary

The Supreme Court of Ghana, per Anin Yeboah JSC, dismissed Riasand Ventures Ltds interlocutory appeal challenging the Court of Appeals grant of a stay of execution in ongoing litigation against Noble Gold Bibiani Ltd. Riasand had obtained summary judgment and damages in the Fast Track High Court and pursued winding up under the Bodies Corporate (Official Liquidation) Act, 1963 (Act 180), while Noble and related entities pursued a debt-restructuring scheme under section 231 of the Companies Act, 1963 (Act 179). After the High Court refused a stay, Noble paid GH905,921.10 into court and the Court of Appeal granted a stay, reasoning that immediate winding up could render the appeal nugatory. On further appeal, the Supreme Court held the grant was a proper exercise of judicial discretion and declined to interfere. Addressing a separate contention, the Court noted the scheme confirmation in other proceedings did not bind Riasand in this case absent consolidation.

JUDGMENT