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JUDGMENT
The Terms of Settlement filed on the 4th of July, 2023 and duly executed by the parties and their respective counsel are hereby adopted as Consent Judgment of this Court.
WHEREAS
By a writ of summons and accompanying statement of claim filed on 9th March, 2022, the Plaintiff claimed against the Defendants jointly and severally the following reliefs:
a. An order for the recovery of the amount of One Hundred and Ninety-Six Thousand, Nine Hundred and Ninety-Six Ghana Cedis, Forty-Four Pesewas (GH¢196,996.44)) being the overdue amount and default interest on the overdraft facility as of 23rd August, 2021 to the date of final payment.
b. An order for the recovery of accrued interest on the sum of One Hundred and Ninety-Six Thousand, Nine Hundred and Ninety-Six Ghana Cedis, Forty-Four Pesewas (GH¢196,996.44) at the agreed interest rate of 34.12% (being base rate of 27.12% plus default rate of 7%) per annum from 23rd August 2021to the date of final payment;
c. Costs incurred in the matter;
d. Any other order(s) as this Honourable Court may deem fit.
NOW THEREFORE THE PARTIES AGREE AS FOLLOWS:
That after thorough negotiations, the Plaintiff and the Defendants have agreed to settle the instant suit on the following terms and conditions:
1. That the Defendants shall pay to the Plaintiff and he Plaintiff shall accept an amount of One Hundred and Ninety-Six Thousand, Nine Hundred and Ninety-Six Ghana Cedis, Forty-Four Pesewas (GH¢196,996.44) as full and final settlement of all claims filed against the Defendants by the Plaintiff in the instant suit.
2. That the Plaintiff hereby acknowledges receipt of an initial good faith payment made by Defendants in the sum of One Hundred and Fifteen Thousand Ghana Cedis (GH¢ 115,000.00.)
3. That the Plaintiff and the Defendants hereby agree that the Defendants shall liquidate their outstanding indebtedness of Eighty-One Thousand, Nine Hundred and Ninety-Six Ghana Cedis and Forty-Four Pesewas (GH¢81,996.44) (settlement sum) in three (3) equal instalments as follows:
Date Instalment Payment
i. 31st July, 2023 GH¢ 27,332
ii. 31st August, 2023 GH¢ 27,332
iii. 30th September, 20231 GH¢ 27,332
4. That these terms of settlement embody the entire understanding of the parties in respect of the matters contained herein and there are no promises, terms, conditions or obligations, oral or written, express or implied other than those contained in these terms of settlement.
5. That the Plaintiff irrevocably relinquishes al