FIDELITY BANK LTD vs. ITAL CONSTRUCT INTERNATIONAL LTD [2016]DLHC11830

Date	2016-01-29
Suit No.	SUIT NO. BFS/279/11
Citation No.	[2016]DLHC11830

HER LADYSHIP NOVISI AFUA ARYENE (MRS.)

DR. YEBOAH AMOAH ESQ. FOR PLAINTIFF

[2016]DLHC11830
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													<main id="main" class="content" style="min-height: 60rem" >FIDELITY BANK LTD<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p><a name="_heading=h.gjdgxs"></a>ITAL CONSTRUCT INTERNATIONAL LTD<o:p></o:p>(DEFENDANT)<o:p></o:p>[HIGH COURT, ACCRA]<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: black; padding: 0cm 0cm 1pt;">

<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;line-height:normal;border:none;mso-border-bottom-alt:solid black 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">SUIT NO. BFS/279/11&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&nbsp;JANUARY 2016<o:p></o:p>

</div>COUNSEL&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; <o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;line-height:normal;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">DR. YEBOAH
AMOAH ESQ. FOR PLAINTIFF <o:p></o:p>

</div>CORAM<o:p></o:p>HER LADYSHIP NOVISI AFUA ARYENE
(MRS.) <o:p></o:p><div style="border-top-width: 1.5pt; border-top-color: black; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: black; border-right: none; padding: 1pt 0cm;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;line-height:normal;border:none;mso-border-top-alt:solid black 1.5pt;
mso-border-bottom-alt:solid black 1.5pt;padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">JUDGMENT<o:p></o:p>

</div>By a facility letter dated 12th
May 2008, plaintiff granted the defendant a short term loan of US$700,000.00.
The facility which was to expire on
15th April 2009 was at an interest rate of 12% per annum with a
default interest rate of 13% per annum. Defendant executed a fixed debenture in favour of plaintiff over her electro-welding panel production plant
and machinery with a forced
sale value of US$1,510,425.00.<o:p></o:p>Defendant failed to abide by the terms
of payment and by a letter dated 19th
of May 2010, applied for the restructuring of the outstanding debt which at the
said date stood at US$432,538.91. Defendant again failed to comply with the
payment schedule of the restructured facility. It is the case of the plaintiff that as
at 17th of June 2011, defendant’s debt stood at US$457,671.53.<o:p></o:p>Plaintiff’s claim is for the recovery
of said outstanding amount plus interest at the rate of 13% per annum from 17th June
2011 till date of final payment and the judicial sale of defendant’s
electro-welding panel production plant and machinery.<o:p></o:p>&nbsp;Defendant admitted the key averments
contained in plaintiff’s statement of claim but pleaded frustration. It is the case of the defendant
that the facility
was to be applied for the construction of fifty housing