AGRICULTURAL DEVELOPMENT BANK PLC vs NKANSAH GYANE INDUSTRIES

1. WHEREAS:

A. The Plaintiff commenced the instant suit against the Defendant on 6th November, 2024 for the following reliefs:

a. An Order for refund/repayment of the consolidated credit balance of Three Million and Eighty-Four Thousand, Four Hundred and Ninety-One Ghana Cedis, Sixty-Three Pesewas (GH¢3,084,491.63) as at 30th September, 2024 being the balance on the Account of Defendant as a result of the consolidated overdraft facility of Two Hundred Thousand Ghana Cedis (GH¢200,000.00) and the letters of credit of One Hundred Thousand United States Dollars (US$100,000.00) at an interest rate of 31.49% per annum granted by the Plaintiff to the Defendant which amount has become due and owing from the Defendant to the Plaintiff.

b. Interest on the said amount at the contractually agreed rate of 31.49% with effect from 1st October, 2024 up to and inclusive of the last date of payment.

c. Costs including legal fees.

d. In the alternative, an Order for the judicial sale of the Defendant’s commercial property situate at Pampaso No. 1 near Nsawam, Eastern Region and registered at the Land Registry Division of the Lands Commercial on 21st May, 2014 under deed No. EA.18561 and Serial No. 490A/2014 which property the Defendant has mortgaged to the Bank.

e. Any further relief that this Court may deem fit.

B. The Defendant entered Conditional Appearance to the suit on 27th November, 2025 and filed its Statement of Defence on 13th January, 2025.

1. THE PARTIES HEREIN, having resolved to settle the instant suit amicably, IT IS HEREBY AGREED by the Parties as follows:

a. That Defendant shall pay the sum of One Million, Five Hundred Thousand Ghana Cedis (GH¢1,500,000.00) in full and final settlement of the claim of the Plaintiff.

b. That the Defendant shall pay an initial sum of Five Hundred Thousand Ghana Cedis (GH¢500,000.00) by 30th September, 2025.

c. That the Defendant shall pay Two Hundred Thousand Ghana Cedis (GH¢200,000.00) to the Plaintiff by 20th December, 2025.

d. That the Defendant shall pay Four Hundred Thousand Ghana Cedis (GH¢400,000.00) to the Plaintiff by 15th March, 2026.

e. That the Defendant shall pay Four Hundred Thousand Ghana Cedis (GH¢400,000.00) to the Plaintiff by 30th May, 2026.

f. That the Defendant shall pay legal fees of Twenty Thousand Ghana Cedis (GH¢20,000.00) to the Plaintiff when the Terms of Settlement is filed at the Court.

g. That these Terms of Settlement embody the e