Facts:

The 1st Respondent’s father, one Okon Udo Utuk (now late and substituted with the 1st Respondent) filed a suit on 11th February 1993 wherein he petitioned the court for winding up of UTUKS CONSTRUCTION & MARKETING COMPANY LIMITED. The petition was heard and the company wound up by order of court on 26/6/1995. While the said petition was pending at the trial court some landed properties belonging to the company were sold off by an auctioneer appointed by Mercantile Bank of Nigeria Plc, to the Appellant in satisfaction of a Mortgage Deed executed between the company and the bank. The 2nd Respondent who was appointed the provisional liquidator, to take over and manage the properties of the company in the interest of creditors and contributors, upon becoming aware of the sale of the properties in a public auction, filed a motion on notice dated 26th January, 1995 seeking an order to void the advertisement and sale of the properties. The motion also sought an order vesting the properties in the custody of the Provisional Liquidator for the purpose of valuation. On 23rd May 1995, the learned trial Judge validated the sale of those properties except one of the properties which was set aside on the ground that both Union Bank and Mercantile Bank have contending legal charges on the property.
Dissatisfied with the ruling of the trial court, the 1st Respondent appealed to the Court of Appeal which in its said judgment allowed the appeal, set aside the ruling of the trial court and voided the sale of those properties and ordered that they be vested in the custody of the liquidator in trust for members of the company and creditors.
Aggrieved by the decision of the Court of Appeal, the Appellant appealed to the Supreme Court.