NIGERIA DEPOSIT INSURANCE CORPORATION ACT, 2023

Section 73: Stay of pending suits.

2023Section 73 of 100Federal Republic of Nigeria

(1) Where the Corporation has commenced liquidation of an insured institution and applies to the court for stay of any suit, application, proceedings, execution, attachment, or action pending or instituted in any court by or against such insured institution or the Corporation, the Court shall, whether or not leave had earlier been granted to commence or proceed with such action or matter under this Act or any other law, grant such stay as to all parties.
(2) Where the Corporation has assumed control of an insured institution under this Act and applies to the court for stay of any suit, application, proceedings, execution, attachment, or action pending or instituted in any court by or against such insured institution or the Corporation, the Court shall, whether or not leave had earlier been granted to commence or proceed with such action or matter under this Act or any other law, grant such stay as to all parties until the Corporation relinquishes control of the insured institution.
(3) Where an insured institution is in liquidation any judgment sum obtained against the insured institution by a judgment creditor that has not been satisfied prior to commencement of liquidation or that is obtained after commencement of liquidation shall not be enforceable against the assets of the insured institution facing liquidation or the Corporation.

Cite this section

Section 73, NIGERIA DEPOSIT INSURANCE CORPORATION ACT, 2023 (2023).

https://repo.podus.ai/laws/nigeria-deposit-insurance-corporation-act-2023/section/73/