FIDELITY BANK LTD. (PLAINTIFF) vs. SARPOD REAL ESTATE LTD.

By its amended writ of summons filed in the Registry of this court on 27/3/13, the plaintiff, a financial institution incorporated under the laws of Ghana, claimed (a) an order for the recovery of the sums of GH¢1,152,358.92 and GH¢1,836,985.53 being the amounts due and owing on two Medium Term Loans granted the plaintiff on January, 23, 2009, and April 28, 2009 respectively (b) Interest on the said sums of money at the agreed rate of interest per annum calculated at close of each day and payable at the end of every month until the date of final payment, (c) costs including lawyer’s fees, administrative and statutory expenses assessed at 10% of the aggregate sum due and payable under the facility and (iv) judicial sale of the mortgaged property, that is to say land situate on plot Numbers 14 and 15 OTB Layout Kumasi which was used as security for the facilities. Defendant is a real estate company incorporated in Ghana. According to the pleadings of the plaintiffs, at the behe...