CAL BANK LIMITED vs. SOMPA KOKOO COMPANY LIMITED

The instant action arose from a series of credit transactions involving the Plaintiff Bank and the Defendants herein. Specifically, the Plaintiff seeks to recover the sum of GH¢2,101,891.02, being the balance on an overdraft facility extended to the 1st Defendant in September, 2009 together with two agreed levels of interest. In addition, the Plaintiff asks for an order for the sale of the fixed & floating assets of the 1st Defendant and for the proceeds to be applied in payment of the judgment debt. A summary of the Plaintiff’s case as gleaned from its amended statement of claim filed on 02/05/2014 is that the 1st Defendant was granted a GH¢ 2,000,000.00 Bank Guarantee and an overdraft facility (O/D) of GH¢1, 500,000.00 to augment its working capital on or about September, 2009. The O/D facility was for a period of 12 months and was at the request of both Defendants. As security for repayment of the facilities, the 1st Defendant placed a charge on its plants, machinery, equipm...