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RULING
The Plaintiff/Applicant herein filed the instant application with a supporting 39-paged Affidavit in support dated 14th March, 2023 praying for Summary Judgment against the Defendants/Respondents for the following reliefs as endorsed on the Amended Writ of Summons dated 11th November, 2023 to wit:
a) An order for the recovery of the sum of Fifty-Four Million, Three Hundred and Eight Thousand, Seven Hundred and Sixty Ghana Cedis and Fourteen Ghana Pesewas (GHS 54,308,760.14).
b) Interest on relief (a) at the contractual rate of 24.5% per annum (2.05% per month} from May 2021 to the date of final payment.
c) An order for the realization of the securities offered for the loan facility.
d) An order for the interim preservation of all the securities offered for the loan facility pending the final determination of this Suit.
e) Costs in this suit including solicitor’s fees on a full indemnity basis and;
f) Any other orders that this honourable Court deems fit.
It is the case of the Applicant that by virtue of a loan agreement executed between the first Defendant and the Plaintiff around June 2015, it was agreed that the Plaintiff bank will advance to the first defendant company a total of three loan facilities as follows:
a) A bank guarantee limit of Twelve Million Ghana Cedis (GHS 12, 000,000.00);
b) A discounting line of Twelve Million Ghana Cedis (GHS 12,000.000.00); and
c) A medium-term loan of Twelve Million Ghana Cedis (GHS 12,000.000.00).
Subsequently the first defendant made a second application to the Plaintiff for a loan facility to enable it complete a road contract which was granted by Plaintiff. Thus, a loan facility agreement dated November 2015 was executed. The Plaintiff advanced to the first defendant a Short-Term loan facility (Asset Finance Facility) of the Ghana Cedi equivalent of One Million, Nine Hundred and Five Thousand United States Dollars (US$ 1, 905,000.00) exhibited and marked as Exhibit ‘SJ1’. The said loan facility was for a period of twelve (12) months at an interest rate of the Bank’s Cedi Base Rate of 28.5% per annum plus a 3% margin attracting a default charge of two percent (2%) flat on any unfunded instalment and on any outstanding on the current account when the facility expires and a penal rate of ten percent (10%) above the prevailing interest rate. The first defendant fully accessed and utilised the benefits of the loan facilities advanced to it at all material times.
Plaintiff avers that the facility agreemen