NOBLE FALCON HOLDINGS & 2 ORS VS IDEAL FINANCE LTD.
2019
HIGH COURT
GHANA
CORAM
- HIS LORDSHIP GEORGE K. KOOMSON (J)
Areas of Law
- Contract Law
- Banking and Finance Law
- Property and Real Estate Law
- Civil Procedure
2019
HIGH COURT
GHANA
CORAM
AI Generated Summary
Justice George K. Koomson of the High Court resolved a debt enforcement matter arising from a secured loan facility between borrowers and their lender. After reviewing the docket and pleadings, the court recognized that both sides had reached a compromise: the secured property pledged for the facility would be sold by private treaty and the proceeds applied to the borrowers’ judgment debt, and judgment would be entered for the lender for GH¢200,482.42. The court recorded these terms and enforced the parties’ contractual interest rate of 7% per month on the outstanding balance for the period 23 February 2018 to 22 June 2018, expressly prohibiting any further interest thereafter. Emphasizing fairness in light of the settlement, the court declined to award costs and ordered each side to bear its own. The order effectuates enforcement through sale of collateral and limits interest to the agreed timeframe.
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.