NOBLE FALCON HOLDINGS & 2 ORS VS IDEAL FINANCE LTD.
2019
HIGH COURT
GHANA
CORAM
- HIS LORDSHIP GEORGE K. KOOMSON (J)
Areas of Law
- Banking and Finance Law
- Civil Procedure
- Contract Law
2019
HIGH COURT
GHANA
CORAM
AI Generated Summary
This case involves a dispute over a property used to secure a financial facility. The Plaintiffs owed a debt to the Defendant, which was secured by the property in question. Both parties agreed that the property should be sold to settle the debt. The court entered judgment for the Defendant in the sum of GH¢200,482.42. The court ordered that the property be sold by private treaty and the proceeds applied to the judgment debt. Given the compromise reached by the parties, the court decided that each party should bear their own costs. The court also ordered that the Defendant recover interest on the outstanding balance at the agreed contractual rate of 7% per month for a specific period (23rd February, 2018 to 22nd June, 2018), with no further interest to be imposed on the judgment debt thereafter.
I have examined the applications on the docket and the issues arising therefrom.
I am of the view that the pleadings of both parties are certain on the fact that the property which the Plaintiffs used to secure the facility should be sold.
Both Counsel have agreed that the said property is to be sold.
Parties further agree that the debt owed by the Plaintiffs to the Defendant is as at 25th February, 2018 is GH¢200, 482. 42. It has further been agreed by both parties that Judgment should be entered for the Defendant in the sum of GH¢200, 482. 42. Accordingly, Judgment is entered for the Defendant in the sum of GH¢200, 482. 42. It is further ordered that the property which was used as security and is the subject matter of the dispute herein should be sold by private treaty by the parties and the proceeds applied to the Judgment debt of the Plaintiffs.
Given the compromise reached by the parties, I do not think it would be fair for the Court to award any costs.
Parties are to bear their respective costs.
The Defendant is to recover interest on the outstanding balance as at 22nd February, 2018 at the agreed contractual rate of 7% per month from 23rd February, 2018 to 22nd June, 2018. No further interest is to be imposed on the Judgment debt.
SGD) GEORGE K. KOOMSON JUSTICE OF THE HIGH COURT.