OMNIBSIC BANK GH. LTD vs TIGER ALUMINIUM INDUUS. LTD & ORS

The Terms of Settlement filed on the 13th of March, 2023 and duly executed by the parties and their respective counsel are hereby adopted as Consent Judgment of this Court.

1. WHEREAS

The Plaintiff commenced a suit against the Defendants claiming the following reliefs endorsed on the Writ of summons and Statement of Claim:

i. Recovery of the sum of GH¢497,033.85 being the amount due and owing to the Plaintiff by the Defendants under the Fifth Facility as at June 22, 2022.

ii. Interest calculated in accordance with the terms of the Fifth Facility from November 01, 2021 till date of final payment

Further and in the alternative

iii. An order for the judicial sae of the commercial property situated at Nii Boi Town-Accra belonging to Tiger Aluminium Industries Ltd

iv. An order for the judicial sale of the residential property situated at De-George Motors, Apenkwa, near Presbyterian Junior High School indexed as AR/4115/99 used as collateral to secure the loan facility

v. Costs including Solicitor’s fees

vi. Any further order(s) or reliefs.

a. WHEREAS 1st, 2nd and 3rd Defendants entered appearance through their Solicitor on 28th September, 2022 and subsequently filed Statement of Defence on October 20, 2022.

b. AND WHEREAS Plaintiff and Defendants (hereinafter referred to as “the Parties”) have agreed to settle the entire dispute amicably, fully and in perpetuity as detailed herein.

2. NOW THEREFORE in consideration of the above and of the mutual promises and agreements contained in these Terms of Settlement, the Parties, intending to be legally bound, do hereby agree as follows:

a. That the total debt of Four Hundred and Ninety-Seven Thousand and Thirty-Three Ghana Cedis Eighty-Five Pesewas (GH¢497,033.85) being the amount due and owing to the Plaintiff by the Defendants under the Fifth Facility as at June 22, 2022 shall as requested by Defendants be fixed at Two Hundred Thousand Ghana Cedis (GH¢200,000.00.).

b. The total debt of Two Hundred Thousand Ghana Cedis (GH¢200,000.00.) shall be paid in the following manner;

i. Ten Thousand Ghana Cedis (GH¢10,000.00) on or before the execution of the terms of settlement.

ii. Three Thousand Ghana Cedis (GH¢3,000.00) per month payable on or before 28th day of each month for the first twelve (12) months commencing March, 2023.

iii. Five Thousand Ghana Cedis (GH¢5,000.00) per month payable on or before 28th day of each month for the second twelve (12) months commencing March, 2024.

iv. Seven Thousand Ei