[2023]DLHC18240 • May 18, 2023 • High Court
CAL BANK PLC vs. MIDWEST CONTRACT WORKS LTD & 3 ORS
The plaintiff, CAL Bank PLC, granted loan facilities to the first defendant, Midwest Contract Works Ltd, including restructured loans in 2019 secured by various mortgages, charges, assignments, and guarantees by company directors (3rd and 4th defendants). The defendants admitted some payments but alleged disruptions by third parties and contested the applicability of guarantees to the restructured loan. The plaintiff claimed default and sought summary judgment for repayment of outstanding sums.
read moreRULING The Plaintiff/Applicant herein filed the instant application with a supporting 39-paged Affidavit in support dated 14th March, 2023 praying for Summary Judgment against the Defendants/Respondents for the following reliefs as endorsed on the Amended Writ of Summons dated 11th November, 2023 to wit: a) An order for the recovery of the sum of Fifty-Four Million, Three Hundred and Eight Thousand, Seven Hundred and Sixty Ghana Cedis and Fourteen Ghana Pesewas (GHS 54,308,760.14). b) Interest on relief (a) at the contractual rate of 24.5% per annum (2.05% per month} from May 2021 to the date of final payment. c) An order for the realization of the securities offered for the loan facility. d) An order for the interim preservation of all the securities offered for the loan facility pending the final determination of this Suit. e) Costs in this suit including solicitor’s fees on a full indemnity basis and; f) Any other orders that this honourable Court deems fit. It is the ca.....