OMNIBSIC BANK GHANA LIMITED vs. MOUNTCREST UNIVERSITY COLLEGE LIMITED & KWAKU ANSAH-ASARE [2019]DLHC9227

OMNIBSIC BANK GHANA LIMITED vs. MOUNTCREST UNIVERSITY COLLEGE LIMITED & KWAKU A... [2019]DLHC9227

Date	2019-01-31
Suit No.	SUIT NO. CM/MISC/1262/2019
Citation No.	[2019]DLHC9227

HER LADYSHIP JUSTICE JENNIFER ABENA DADZIE

GODWIN MENSAH SACKEY ESQ. OF JURIS GHANA LEGAL PRACTITIONERS NO. 1 PARSNIP STREET OF POTATO AVENUE EAST LEGON NEAR THE A&C MALL ACCRA COUNSEL FOR APPLICANT

IRENE ANSAH-ASARE OF HENCIL CHAMBERS READWIDE BUILDING 12 ABLADE ROAD KANDA ESTATE ACCRA COUNSEL FOR THE 1ST RESPONDENT 2ND RESPONDENT KWAKU ANSAH-ASARE ESQ. REPRESENTING HIMSELF AS COUNSEL

[2019]DLHC9227
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													<main id="main" class="content" style="min-height: 60rem" ><a name="_Hlk23164429">OMNIBSIC BANK GHANA LIMITED<o:p></o:p></a>(APPLICANT)<o:p></o:p>vs.<o:p></o:p>MOUNTCREST UNIVERSITY COLLEGE LIMITED &amp; KWAKU
ANSAH-ASARE<o:p></o:p>(RESPONDENTS)<o:p></o:p>[HIGH COURT,
ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

SUIT NO. CM/MISC/1262/2019&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: 31ST JANUARY, 2019<o:p></o:p>

</div>COUNSEL:<o:p></o:p>GODWIN MENSAH SACKEY, ESQ., OF JURIS GHANA LEGAL
PRACTITIONERS, NO. 1 PARSNIP STREET, OF POTATO AVENUE, EAST LEGON NEAR THE
A&amp;C MALL, ACCRA, COUNSEL FOR APPLICANT<o:p></o:p>IRENE ANSAH-ASARE, OF HENCIL CHAMBERS, READWIDE BUILDING, 12
ABLADE ROAD, KANDA ESTATE, ACCRA, COUNSEL FOR THE 1ST RESPONDENT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;line-height:normal;tab-stops:298.8pt;border:none;mso-border-bottom-alt:
solid windowtext 1.5pt;padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">2ND
RESPONDENT, KWAKU ANSAH-ASARE, ESQ., REPRESENTING HIMSELF AS COUNSEL <o:p></o:p>

</div>CORAM:<o:p></o:p>HER LADYSHIP
JUSTICE JENNIFER ABENA DADZIE<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
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<p class="MsoNormal" align="center" style="text-align:center;line-height:normal;
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solid windowtext 1.5pt;padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">JUDGMENT<o:p></o:p>

</div>The
Applicant seeks by the present originating notice of motion, the following
orders:<o:p></o:p>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A
warrant to the Ghana Police Service to assist the Applicant Bank to possess and
realise H/No 90 Sunyani Avenue, Kanda Housing Estate and landed property on
Plot No. 173A Kanda Housing Estates, Accra Parcel No. 85 with GA 22993 land
title certificate number) as loan securities;<o:p></o:p>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Order
of reserved prices for the auction sale of House Number 90 Sunyani Avenue,
Kanda Housing Estate and landed property on Plot No. 173A Kanda Housing
Estates, Accra Parcel No. 85 with GA 22993 land title certificate number) as
loan securities;<o:p></o:p>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
And
for such further order(s) as this Honourable court may deem fit.<o:p></o:p>The
claim of the Applicant is premised on the fact that the 1st
Respondent, a limited liability company registered under the laws of this
country and engaged in the provision of educational services had applied for a
loan of Two Million, Six Hundred Thousand Ghana cedis (GH¢2,600,000.00) by a
letter dated August 23, 2016 for the purchase of a House on Plot No. 173A at
Kanda Housing Estate (see Exhibit “A”).
The request was granted and per the terms of security conditions of the offer
letter, the Applicant mortgaged the property in respect of which the loan was
to be acquired, that is, the House on Plot No. 173A as security for the
repayment of the loan and further assigned their interest in the said property
to the Applicant Bank (see Exhibits “C”
and “D”). As additional security for
the loan, the 2nd Respondent executed a director’s guarantee to be
personally responsible for the repayment of the loan facility upon the 1st
Respondent’s default. The loan had a repayment term of thirty-six (36) months
at an agreed interest rate of 34% per annum.<o:p></o:p>It
is the further claim of the Applicant that due to some challenges in the
repayment of the loan, the 1st Respondent subsequently requested for
a new repayment schedule by a letter on March 20, 2017, a copy of which is
marked as Exhibit “G” and same was
granted, per the Exhibit “H”).
According to the Applicant, it went as far as to freeze the interest on the
loan from November 2016 to enable the 1st Respondent’s business
become fully functional. In addition, another overdraft facility of Four
Hundred and Fifty Thousand Ghana cedis (GH¢450,000.00) was requested for by the
1st Respondent and granted by the Applicant Bank with an interest
rate of 30% per annum as evidenced by Exhibit
“J”. As security for this second overdraft facility, the 1st
Respondent mortgaged, again, property No. 90 Sunyani Avenue, Kanda Housing
Estate, Accra to the Applicant. In support of this assertion, the Applicant
produced Exhibit “K”, Mortgage Deed
covering House No. 90, Sunyani Avenue<o:p></o:p>