HFC BANK GHANA LIMITED vs. DOVEWELL COMPANY LIMITED AND ERIC KWAME BOAKYE

This ruling is in respect of an application for Judicial Sale of a mortgaged property filed by counsel for the Applicant Bank. The background facts are that sometime in the year 2007, the Applicant granted a loan of GHC 370,000.00 to the 1st Respondent, acting through the 2nd Respondent, to enable it put up a commercial property on plots numbered 1, 2 and 4 Block XV OTA Adum, Kumasi. Following a restructuring of the loan in the year 2010, and at a time when the debt was GHC 581,960.00, a restructured loan agreement and a mortgage deed were executed between the parties. After a series of negotiations, 1st Respondent paid an amount of GHC 600,000.00 to the Applicant to cover the principal sum and accrued interest. However, pursuant to further negotiations, the 1st Respondent was to pay an amount of GHC 100,000.00 in a single bullet payment by 31/07/2015 after which the bank was to release the mortgaged documents of the 2nd Respondent and discharge the Respondents accordingly. The Respond...