GHANA COMMERCIAL BANK vs. EASTERN ALLOYS COMPANY LTD

PWAMANG, JSC. This is an application by the Defendants/Judgment Debtors/Appellants/Applicants, hereinafter referred to as “the Applicants” praying for an order of stay of proceedings under the judgment of the Court of Appeal dated 17th December, 2015 pending the determination of an appeal they have lodged in this court. The background to this application is that on 24th May, 2006 the Plaintiff/Judgment Creditor/ Respondent/ Respondent, to be referred to as “the Respondent”, obtained judgment in the High Court, Accra against the Applicants for payment of various sums of money owed in respect of a loan taken from the Respondent bank. Respondent went into execution, attached and sold the factory premises of the Applicant at an auction. The factory building was bought by the Word Prayer Centre. Applicant filed several motions to set aside the execution but failed. It would appear that the purchaser at the auction subsequently was able to recover possession of the premises and ...