By BARTHOLOMEW MADUKWE
LAGOS—A Lagos High Court has dismissed an application by Bi-Courtney Limited, seeking for an extension of time, within which to comply with the payment of a N721 million judgment sum in favour of Aso Savings and Loans Plc.

Bi-Courtney had secured a N500 million credit facility from Aso Savings in July 2009, with an agreed interest rate of 24 per cent per annum, while its property on Plot 70, Alexander Avenue, Ikoyi, Lagos,  was used as security for the loan.

Aso Savings, through its counsel, had dragged Bi-Courtney to court for refusing to liquidate its indebtedness.

Bi-Courtney was pay the judgment sum in five installments, according to the agreement. Aso Savings argued that rather than paying at the agreed dates, Bi-Courtney returned to the court later with a motion seeking to enlarge time to comply with the judgment.

In her ruling, Justice Morenike Obadina held that Bi-Courtney’s application was not only unmeritorious, but also frivolous.