SINAPA ABA SAVINGS AND LOANS LIMITED vs. PRIME MOTORS LIMITED & ANOR

This is a loan recovery action in which the Plaintiff bank seeks to recover the sum of GHC 190,299.66 and interest thereon from the Defendants as debtor and guarantor respectively. The case of the Plaintiff is that on 03/12/2014 it granted a credit facility of GHC 200,000.00 to the 1st Defendant at its request for a period of twenty-four months which has since elapsed. The 1st Defendant secured repayment of the loan with its machinery and also executed an equitable mortgage over its building; the 2nd Defendant executed a contract of indemnity. The Plaintiff stated that the Defendants have defaulted in fulfilling their respective obligations under the facility in issue. The Defendants caused a lawyer to enter appearance on their behalf, and he proceeded to file a statement of defence. Directions for the filing of witness statements were given on 12/02/2018, the defendants who failed to comply with the timelines ,were given seven days extension of time within which to file their wi...