GHANA COMMERCIAL BANK LIMITED vs. BULKSHIP & TRADE LTD, CHRIS CHINEBUAH AND DZIFA FRENCH CUDJOE [2015]DLSC3018

GHANA COMMERCIAL BANK LIMITED vs. BULKSHIP & TRADE LTD, CHRIS CHINEBUAH AND DZIF... [2015]DLSC3018

Date	2015-01-21
Suit No.	CIVIL APPEAL NO. J7/4/2015
Citation No.	[2015]DLSC3018

DOTSE JSC (PRESIDING)

BAFFOE-BONNIE JSC

GBADGEBE JSC

KWESI FYNN ESQ. FOR THE PLAINTIFFS/APPELLANTS/APPLICANTS/APPLICANTS.

CLARANCE TAGOE ESQ. WITH HIM KOFI TWUMASI ANOKYE FOR THE DEFENDANTS/RESPONDENTS/RESPONDENTS/RESPONDENTS.

[2015]DLSC3018
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													<main id="main" class="content" style="min-height: 60rem" >GHANA
COMMERCIAL BANK LIMITED<o:p></o:p>vs.<o:p></o:p>BULKSHIP
&amp; TRADE LTD, CHRIS CHINEBUAH AND DZIFA FRENCH CUDJOE<o:p></o:p>&nbsp; [SUPREME COURT,
ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

CIVIL APPEAL NO. J7/4/2015&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;
DATE: 21ST
JANUARY, 2015<o:p></o:p>

</div>COUNSEL:&nbsp;&nbsp; <o:p></o:p>KWESI
FYNN ESQ. FOR THE PLAINTIFFS/APPELLANTS/APPLICANTS/APPLICANTS.<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

CLARANCE
TAGOE ESQ. WITH HIM KOFI TWUMASI ANOKYE FOR THE
DEFENDANTS/RESPONDENTS/RESPONDENTS/RESPONDENTS. <o:p></o:p>

</div>CORAM: <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

DOTSE JSC (PRESIDING), BAFFOE-BONNIE JSC, AND
GBADGEBE JSC<o:p></o:p>

</div><o:p>&nbsp;</o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

JUDGEMENT<o:p></o:p>

</div>DOTSE JSC:-<o:p></o:p>This
Ruling is at the instance of an application by the Plaintiffs/Appellants/Applicants,
hereafter referred to as the Applicants, seeking a variation, discharge or
reversal of the ruling of a single Judge of this Court, dated 20th
November 2014 pursuant to article 134 (b) of the Constitution 1992 and Rule 73
of the Supreme Court Rules, 1996, C. I. 16. <o:p></o:p>By
the ruling of the single Judge dated 20th November 2014, an
application for stay of execution and proceedings or suspension of the entry of
judgment in favour of the Defendants/Respondents/Respondents, hereafter
referred to as Respondents was refused.<o:p></o:p>FACTS OF THE CASE<o:p></o:p>The
Applicants, a reputable Commercial Bank in Ghana, filed claims against the
Respondents herein in the Commercial Division of the High Court in respect of
various sums of money outstanding under overdraft and or credit facilities
extended to the 1st Respondents, who are a limited liability company
in Ghana, carrying out the business of oil trading, supply of petroleum
products, bunkering among others.<o:p></o:p>The
2nd and 3rd Respondents are directors of the 1st
Respondent company. Included in the claims against the Respondents in the High
Court was a claim for interest on overdraft/credit facilities extended to them
as well as penal interest of 10% on the sums claimed. The Respondents denied
the claims against them and instead endorsed a counterclaim against the
Applicants by which they claimed several declaratory and other judicial reliefs
plus recovery of various sums of money endorsed therein against the Applicants.<o:p></o:p>The
Commercial Division of the High Court, Accra dismissed the entirety of the Applicant’s
claims against the Respondents, but granted in part the latter’s counterclaim
in excess of about GH¢80,000,000 plus.<o:p></o:p>The
Applicants appealed the judgment on the counterclaim in favour of the
Respondents. Following an application for stay of execution filed in the trial
High Court by the Applicants, the High Court on the 5th day of
February 2014 granted same in the following terms:-<o:p></o:p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; “The Plaintiff/Applicant shall pay to the 1st
Defendant/Respondent the sum &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; equivalent
to 25% of the entire judgment debt as set out in the Entry of &nbsp;&nbsp;&nbsp; Judgment after Trial filed by the
Defendants/Respondents.”<o:p></o:p>It
is instructive to note that, the trial High Court also ordered the 2nd
and 3rd Respondents herein to file an undertaking in the same terms
as they provided to the Applicants during the transaction which gave rise to
the action so that they shall be in a position to refund fully all monies the
Applicants shall pay to the 1st Respondent in partial satisfaction
of the judgment debt in this suit in case the appeal by the Applicants are
successful.<o:p></o:p>Following
the unsuccessful attempts by the Applicants to have the repeat applications for
stay of execution of the orders of the High Court granted in the Court of
Appeal, the Applicants filed the repeat application to the same effect before
the single Judge which as stated earlier was dismissed by order dated 20th
November 2014.<o:p></o:p>Before
us on the review panel, learned counsel for the Applicants, Mr. Kwesi Fynn
abandoned the other reliefs of varying or discharging the orders of the single
Judge and confined himself to the relief of reversal of the orders of the
single Judge.<o:p></o:p>Learned
Counsel for the Applicants also aba</main>