[2023]DLHC16943 • May 5, 2023 • High Court
AGRICULTURAL DEVELOPMENT BANK LTD. vs. ANTHONY ANNAN
The Plaintiff bank extended two separate sums of GH¢50,000 each to the Defendant: a term loan on 26 March 2012 and an alleged inadvertent disbursement on 9 May 2012. The Defendant defaulted on repayments, citing business collapse due to flooding. The Plaintiff seeks recovery of outstanding balances plus interest and costs.
read moreJUDGMENT The jurisdiction of this court has been invoked by the Plaintiff bank to determine whether or not they are entitled to recover monies unpaid by the Defendant arising out of a loan facility contract and additionally monies allegedly inadvertently paid to the Defendant by the Plaintiff bank. Thus per a Writ of Summons taken out of the Registry of the High Court, Commercial Court Division dated 17th December, 2021 the plaintiff seeks the following specific reliefs against the Defendant. a. The recovery of the sum of Four Hundred and Seventy-Three Thousand, Eight Hundred and Sixty-Two Ghana Cedis, Seventy-Nine Pesewas (GH¢ 473,862.79) being outstanding balance on Term Loan of Fifty Thousand Ghana Cedis granted the Defendant on 26th March, 2012. b. Interest on GH¢ 473,862.79 at the contractual default compound interest rate of 36% from 1st October 2021 to date of final payment. c. The recovery of Four Hundred and Fifty-Five Thousand, Five Hundred and Ninety-Eight Ghana Cedi.....