STANDARD CHARTERED BANK vs. AUTOMOTIVE SPRINGS GH. LTD & 2 ORS

RULING On 1st November 2023, the Defendants/Applicants (hereinafter called the Applicants) filed a motion before this court to pay the outstanding balance of an amount of USD1.85 million by instalments, upon the grounds set out in the accompanying affidavit. The motion is supported by affidavit and exhibits. The relevant paragraphs are reproduced below. 2. That Plaintiff issued a writ of summons and statement of claim in respect of the above titled suit against the Defendants herein for the reliefs endorsed on the writ of summons. 4. That the parties subsequently settled the matter amicably amongst themselves and duly filed terms of settlement. 5. That the terms of settlement so filed was adopted as consent judgment of the Court. 6. That per the said consent judgment, the Applicants were to pay an amount of USD6.5 million as follows; - a. USD3 million on or before the 31st December, 2021 b. The balance of USD 3.5 million to be paid by 31st December, 2022. 7. That the Applican...