GUARANTY TRUST BANK vs. STEEL & FORGING LTD. AND 4 OTHERS

TORKORNOO, J. A: The plaintiff/judgment creditor/respondent/appellant (hereinafter called appellant) sued the defendant/judgment debtors/applicants/respondents (respondents) for the due payments of both cedi and dollar denominated loans. Summary Judgment was granted against the respondents for all reliefs sought on 19th December 2012. This can be found on page 169 of the Record of Appeal (ROA). The judgment hasn’t been appealed. The respondents thereafter applied to pay the judgment debt in installments. Their proposals were accepted, and entered by the court. See pages 178 and 179 of the ROA. By this order, the respondents were to pay the judgment debt at the rate of 1.5 million GHC and 300,000 US$ on or before 15th February 2013 and the remainder of the debt in six equal monthly installments. Significantly, the respondents abandoned this order they had obtained and did not honor the payments as scheduled such that the appellant commenced execution of the judgment debt. The ap.....