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JUDGEMENT
This is an application for Summary Judgement.
I have read the application and the supporting affidavit.
Although the Defendant was served with the motion on the 9th November, 2018, it has failed to file an affidavit in opposition.
It is noted that the Defendants have not filed a Statement of Defence although they had entered appearance.
Thoughtful consideration has been given to Order 14 rule 1 of CI.
47 which provides that: “Where in an action a Defendant has been served with a statement of claim and has filed appearance, the Plaintiff may on notice apply to the Court for judgment against the Defendant on the ground that the Defendant has no defence to a claim included in the Writ, or to a particular part of such a claim, or that the Defendant has no defence to such a claim or part of a claim, except as to the amount of any damages claimed. ”A summary of the facts of the case is that the 1st Defendant requested for a loan facility from the Plaintiff in the sum of GH¢3, 870. 00. The said loan facility was approved by the Plaintiff on the 21stDecember, 2016. The loan facility was guaranteed by the 2nd Defendant who is a Director of the 1st Defendant Company.
The purpose of the facility was to enable 1st Defendant make an equity contribution towards the establishment of Letters of Credit by Access Bank Ghana Limited for the purchase of 50, 000 metric tonnes of crude oil from Shell Petroleum Development Company (SPDC) in Nigeria, and also to cater for expenses to be incurred in certifying the crude oil by SGS and other documentation fees when the vessel arrived in Ghana.
The tenor of the loan facility was for One month from the date of disbursement.
The interest rate exigible was 5% flat transaction tenor up to one month.
The parties agreed further that any additional day after the tenor and up to another month will attract the same rate.
It was further agreed by the parties that a penal rate of 10% per month shall be chargeable on an account which is overdrawn or overdue without authorization.
As at the 5th January, 2017, the Plaintiff had disbursed in favour of the 1st Defendant an amount of GH¢3, 111, 111. 11. The inability of the Defendants to settle their indebtedness that had an outstanding balance as at 15th February, 2017 caused the Plaintiff to write to the 1st Defendant on the 15th February, 2017. The 1st Defendant applied to the Plaintiff for an extension of the tenor of the expiry date of facility for a further two month.
Within the sa