STANBIC BANK LTD. vs. MEAGLENT HOTEL AND ALFRED ASANTE-KOREE [2014]DLCA5224

Date	2014-10-29
Suit No.	SUIT N0: H1/24/2015
Citation No.	[2014]DLCA5224

VICTOR OFOE J.A. (PRESIDING)

A. M. DORDZIE (MRS) J.A.

I. O. TANKO AMADU J.A.

ANDREW APAU OBENG FOR PLAINTIFF / APPELLANT

JOYCE AGYEI ATTAFUAH FOR DEFENDANT / RESPONDENT

[2014]DLCA5224
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													<main id="main" class="content" style="min-height: 60rem" >STANBIC BANK LTD.<o:p></o:p>(PLAINTIFF/APPELLANT)<o:p></o:p>vs.<o:p></o:p>MEAGLENT HOTEL AND ALFRED ASANTE-KOREE<o:p></o:p>(DEFENDANT/RESPONDENTS)<o:p></o:p>[COURT
OF APPEAL (CIVIL DIVISION), ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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padding:0in;mso-padding-alt:0in 0in 0in 0in">SUIT N0: H1/24/2015&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;DATE:
29TH OCTOBER, 2014 <o:p></o:p>

</div>COUNSEL:<o:p></o:p>ANDREW
APAU OBENG FOR PLAINTIFF / APPELLANT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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JOYCE AGYEI ATTAFUAH FOR DEFENDANT /
RESPONDENT <o:p></o:p>

</div>CORAM:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p>VICTOR OFOE J.A. (PRESIDING), A.
M. DORDZIE (MRS) J.A., I. O. TANKO AMADU J.A.<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
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<p class="MsoNormalCxSpMiddle" align="center" style="margin:0in;margin-bottom:.0001pt;
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</div>A.
M. DORDZIE, JA:<o:p></o:p>The
plaintiff appellant herein granted a loan facility to the defendant respondent in
the sum of USD2, 345,910. Subsequently a further amount of USD100, 000 was
granted the 1st defendant as an overdraft facility.<o:p></o:p><o:p>&nbsp;</o:p>The
defendants defaulted in the repayment of the facilities it took from the
plaintiff bank. The plaintiff therefore sued for the recovery of the balance due
the plaintiff plus interest; in the alternative the plaintiff asked for an
order of judicial sale of the property mortgaged for the loan.<o:p></o:p>At
a point in time the parties agreed to settle the dispute amicably.<o:p></o:p>On
the 2nd of November 2011 the parties filed terms of settlement in
which the parties agreed as follows:<o:p></o:p>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
defendant’s property located at House Number 1 Pantang Hospital Road, Adenta
Accra, also known as Meaglent Hotel shall be sold for USD7, 100,000.00 by the 31st
December 2011 and the proceeds thereof used to settle the defendant’s
indebtedness to the plaintiff.<o:p></o:p>b)&nbsp;&nbsp;&nbsp;&nbsp; Upon
the sale of the defendant’s property the defendant shall pay to the plaintiff
the sum of USD3, 200,000.00 as full and final settlement of the debt owed to
the plaintiff.<o:p></o:p>On
the 8th of November 2011 the court adopted the above terms and
entered same as consent judgment against the defendants.<o:p></o:p>The
plaintiff initiated the execution process and applied for a reserved price to
be pegged by the court at USD4, 252,500 this was granted. The defendants
claimed they had no notice of the above application and applied for the order
fixing the reserved price at USD4, 252,500 to be set aside because it is
contrary to the terms of the consent judgment. This application was granted,
the order was set aside accordingly.<o:p></o:p>Subsequently,
the plaintiff filed a further application seeking for the reserved price to be
fixed in accordance with the terms of the consent judgment. By an order dated
16th of May 2013 the High Court fixed the reserved price at USD7,
100,000.00 as agreed by the parties in the consent judgment.<o:p></o:p>On
a subsequent date the plaintiff filed another application asking the court to
reduce the reserved price from USD7, 100,000.00 to USD3, 000,000.00. Plaintiff
based this fresh application on the ground that the auctioneer could not sell
the property at USD7, 100,000 and the highest bid at the auction was USD3,
000,000. The defendant opposed the application and maintained that the property
was bought at USD9, 000, 000, .00 but the plaintiff had assured po</main>