DELTA MICROFINANCE LIMITED vs SLEDGE NANA YAW ADJEI DUODU & ANOTHER

1. WHEREAS, the Plaintiff commenced this action on 26th September, 2018 against the Defendants for the following reliefs:

a. An Order for the recovery of an amount of Five Hundred Thousand Ghana Cedis (GH¢500,000.00) being the unpaid Loan Facility amount advanced by the Plaintiff to the 1st Defendant and which the 2nd Defendant has refused to honour upon default of the 1st Defendant in spite of several repeated demands made therefor.

b. An Order for payment of the agreed interest at the rate of 5% (Five percent) per month on the said sum as indicated in paragraph a. above from liability from 1st November, 2017 to 31st January, 2018.

c. An Order for the payment of the agreed Penal Interest at the rate of 2.00% (Two percent) per month on the said sum as indicated in paragraph a. above from liability 1st November, 2017 to date of full and final payment.

d. An Order for the payment of the agreed Penal Interest at the rate of 7.00% (Seven percent) per month on the said sum as indicated in paragraph a. above from 31st January, 2018 to date of full and final payment.

e. Costs.

f. Such further Order as this Honourable Court may deem fit.

IN THE ALTERNATIVE

a. An Order for Judicial Sale of Toyota Land Cruiser with registration number GN 6416 – 17.

2. Whereas, the Plaintiff and the Defendants have agreed to settle this suit amicably.

IT IS HEREBY AGREED as follows:

a. That the Defendant’s total indebtedness be settled at SIX HUNDRED AND SEVENTY THOUSAND GHANA CEDIS ONLY (GH¢670,000.00) payable by the 1st Defendant in Two (2) installments in the following manner:

i. Payment of an initial amount of FOUR HUNDRED THOUSAND GHANA CEDIS (GH¢400,000.00) on or before 27TH DAY OF JULY, 2023 being part payment of the total indebtedness of the Defendants to the Plaintiff out of which an amount of SEVENTY-TWO THOUSAND GHANA CEDIS (GH¢72,000.00) shall be paid by a separate cheque to the Solicitors for the Plaintiff, Addo Asiedu & Co. as Solicitors Fees by the 1st Defendant.

ii. Payment of the second and final installment in amount of TWO HUNDRED AND SEVENTY THOUSAND GHANA CEDIS (GH¢270,000.00) on or before 30TH DAY OF AUGUST, 2023 to the Plaintiff by the 1st Defendant.

b. That upon the signing of this Terms of Settlement, which the Parties have accepted as Judgment to be entered by consent of all Parties herein by this Honourable Court, the Parties have hereby agreed that their rights under the said suit have been finally and fully determined as if same were actua