PUBLIC ENTERPRISES REGULATORY COMMISSION ACT

Section 60: Debtor to appear before Court to show cause.

1996Section 60 of 79Federal Republic of Nigeria

(1)
The Court shall on the return date and on receipt of a reply to the notice of an application made under section 59 (1) of this Act, if the debtor or defendant admits the debt, enter judgment and ask the debtor or defendant to appear before it to show cause why the Court should not invoke its powers under this Act to recover the debt
(2) The Court shall, if satisfied with the explanation of the debtor or defendant, give the debtor or defendant not less than thirty days to pay to the Commission the outstanding debt and any interest thereon
(3)
If a debtor or defendant pays the outstanding debt within the period specified under subsection (2) of this section, the Court shall-
(a) issue to the debtor or defendant a certificate of clearance; and
(b) order that all the documents and properties, if any, pledged as security, collateral or bond, be released to the debtor or defendant.

Cite this section

Section 60, PUBLIC ENTERPRISES REGULATORY COMMISSION ACT (1996).

https://repo.podus.ai/laws/public-enterprises-regulatory-commission-act/section/60/