CAL BANK LTD (PLAINTIFF) vs. EUJOYS MOTORCYCLES LTD & ANOR (DEFENDANT)

The 1st Defendant was granted a medium-term loan facility of GH¢308, 445.23 in the nature of a restructuring of an existing debt. This was done to enable the 1st Defendant to purchase motorbikes for its business. The facility was granted on the 1st of December, 2013 and was to expire on the 30th of October, 2014 at an interest rate of 30% per annum. The 2nd Defendant signed a personal guarantee to be personally liable to the bank upon the default of the 1st Defendant Company, which said company the 2nd Defendant is the Managing Director. The 2nd Defendant further mortgaged his landed properties, namely, Parcel No. 29 Block 8, section 195, Ablekuma, Accra and Parcel No. 56, Block 4, section 014, Adabraka, Accra. The failure of the 1st Defendant to retire the loan facility caused the Plaintiff to issue the instant Suit asking for: a) The payment of GH¢165,044.01 being the outstanding balance as at February 9, 2014. b) An interest at the contractual rate of 30% per annum from Februa.....