ACCESS BANK (GHANA) LTD vs. PNP IMPEX LTD., PRASHANT GANATRA, PRAFUL GANATRA

JUDGMENT INTRODUCTION The Plaintiff a financial institution engaged in the business of banking advanced some GHS1,840,000.00 to the 1st Defendant for the operation of its teak concessions for export sometime in June 2007. The 2nd and 3rd Defendants are Directors of the 1st Defendant Company. When the Defendants were having some challenges with 1st Defendants operations and upon their request, the Plaintiff restructured the said loan of GHS1,840,000.00 and some GHS596,175.50 was waived and the remaining balance of GHS1,758,104.73 remained outstanding from 2012 to be liquidated within twenty- four (24) months. Per the Plaintiff’s amended Statement of Claim it sought the following reliefs from the Defendants:- a) An order for the recovery of the sum of GHS1,461,549.14 from the Defendants, being their indebtedness to the Plaintiff as at November, 2015. b) Interest on the said amount at the Plaintiff’s lending rate from November, 2015 till date of final payment. c) Costs, incl...