GHANA COMMERCIAL BANK vs. EASTERN ALLOYS CO. LTD & 5 OTHERS WORD PRAYER CENTRE DELA AKPEY

F.G. KORBIEH, J.A. The brief facts of the case leading to this appeal are as follows. The defendants/applicants/1st respondents (who shall hereinafter be referred to simply as the defendants) took a number of loan and over-draft facilities from the plaintiff/respondent/respondent (hereinafter referred to simply as the plaintiff). When the defendants failed to or could not pay back the totality of their indebtedness to the plaintiff, the latter sued the former in the Commercial Division of the High Court, Accra asking for the recovery of ¢3,187,518,413.00, ¢427,709,841.52 jointly and severally from the six individual defendants mentioned in the writ; interest on the EDIF loan at the agreed rate of 15% from 31/12/2006 to the date of final payment; interest on the short-term loan at the agreed rate of 28% per annum from 31/12/2006 to the date of final payment and further or in the alternative an order for the judicial sale of the property mortgaged or charged to the plaintiff as securi.....