GROFIN AFRICAN FUND (GH) LTD. SUING PER ITS LAWFUL ATTORNEY HOPE CAPITAL LIMITED vs. COLLBOY ENTERPRISES LTD., PAUL AGYEMAN DUAH AND GRACE AGYEMAN DUAH [2021]DLSC11149

GROFIN AFRICAN FUND (GH) LTD. SUING PER ITS LAWFUL ATTORNEY HOPE CAPITAL LIMITED... [2021]DLSC11149

Date	2021-12-01
Suit No.	CIVIL APPEAL NO. J4/02/2021
Citation No.	[2021]DLSC11149

APPAU JSC (PRESIDING)

OWUSU (MS.) JSC

LOVELACE-JOHNSON (MS.) JSC

HONYENUGA JSC

PROF. MENSA-BONSU (MRS.) JSC

SEAN K. POKU FOR THE APPLICANT/RESPONDENT/RESPONDENT.

MATTHEW APPIAH FOR THE REPONDENTS/APPELLANTS/APPELLANTS.

[2021]DLSC11149
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													<main id="main" class="content" style="min-height: 60rem" >IN THE MATTER OF THE BORROWERS AND
LENDERS ACT, 2008, (ACT 773)<o:p></o:p>AND<o:p></o:p>IN THE MATTER OF A DEED OF MORTGAGE
DATED 23RD MAY 2012 BETWEEN GROFIN AFRICA FUNDS (GH) AND PAUL AGYEMAN
DUAH &amp; GRACE AGYEMAN DUAH<o:p></o:p>&nbsp;GROFIN
AFRICAN FUND (GH) LTD.<o:p></o:p>SUING
PER ITS LAWFUL ATTORNEY HOPE CAPITAL LIMITED<o:p></o:p>(APPLICANT/RESPONDENT/RESPONDENT)<o:p></o:p>vs.<o:p></o:p>COLLBOY
ENTERPRISES LTD., PAUL AGYEMAN DUAH AND GRACE AGYEMAN DUAH<o:p></o:p>(RESPONDENT/APPELLANT/APPELLANT)<o:p></o:p>[SUPREME 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: windowtext; padding: 0cm 0cm 1pt;">

<p class="MsoNormalCxSpMiddle" align="center" style="margin-bottom:0cm;margin-bottom:
.0001pt;mso-add-space:auto;text-align:center;line-height:150%;border:none;
mso-border-bottom-alt:solid windowtext 1.5pt;padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">CIVIL APPEAL NO. J4/02/2021 &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:
1TH DECEMBER, 2021<o:p></o:p>

</div>COUNSEL<o:p></o:p>SEAN K. POKU FOR
THE APPLICANT/RESPONDENT/RESPONDENT.<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:150%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">MATTHEW
APPIAH FOR THE REPONDENTS/APPELLANTS/APPELLANTS.<o:p></o:p>

</div>CORAM:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<o:p></o:p>APPAU JSC
(PRESIDING), OWUSU (MS.) JSC, LOVELACE-JOHNSON (MS.) JSC, HONYENUGA JSC, PROF.
MENSA-BONSU (MRS.) JSC <o:p></o:p><div style="border-top-width: 1.5pt; border-top-color: windowtext; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: windowtext; border-right: none; padding: 1pt 0cm;">

<p class="MsoNoSpacing" align="center" style="text-align:center;border:none;
mso-border-top-alt:solid windowtext 1.5pt;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">JUDGMENT<o:p></o:p>

</div>&nbsp;HONYENUGA
JSC:-<o:p></o:p>This appeal is against the Ruling of the High
Court on a motion on notice for an order for a warrant to realise and /or take
possession under the Borrowers and Lenders Act, 2008, Act 773. The High Court
granted the application in favour of the Applicant/Respondent/Respondent as
against the 1st, 2nd, 3rdRespondents/Appellants/Appellants
to take possession of the property No. 67(Sector 2, Gbawe, North Accra pursuant
to Act 773. Aggrieved with the Judgment of the High Court the 1st, 2nd,
3rd Respondents/Appellants/Appellants filed an appeal tothe Court of
Appeal and thence to this court. The Applicant/Respondent/Respondent would be
referred to as the Respondent, while the 1st, 2nd and 3rd
Respondents/Appellants/ Appellants would simply be referred to as the
Appellants.<o:p></o:p>&nbsp;BACKGROUND<o:p></o:p>The Respondent is a limited liability company
engaged in the business of granting financial facilities among others.&nbsp; On the 14thday of May, 2012, the 1st
Appellant applied for and was granted a term loan facility in the sum of two
hundred and fifteen thousand Ghana (GH¢215, 000.00) at an agreed interest of
24.25 percent per annum to augment its working capital for a term of five (5)
years. The 2nd and 3rdAppellants who are directors and
shareholders of the 1st Appellant company guaranteed the facility.
The 3rd Appellant provided an additional security for the loan
mortgage over all that piece or parcel of land situate lying and being at Gbawe
North Accra known as plot No. 67 (sector F) containing an approximate area of
0.17 Acre more or less with a market value of Two Hundred and Forty Two
Thousand Eight Hundred Ghana Cedis (GH¢242,800.00) registered at the Land Title
Registry as Number GA29196, Volume 89 Folio 171, the subject matter of the
application.&nbsp; Pursuant to the provisions
of the Borrowers and Lenders Act, 2008 (Act 773) the Respondent had the
Collateral security registered at the Collateral Registry of the Bank of
Ghana.&nbsp; <o:p></o:p>&nbsp;According to the Respondent, the Appellants
failed, refused and or neglected to perform their financial obligations to the
Respondent despite numerous demands served on them.&nbsp; After obtaining a copy of the Memorandum of
No Objection from the Collateral Registry and in compliance with Section 342 of
Act 773, instituted an action in the form of an Originating Notice of Motion
which sought an order for a warrant to realize and/or take possession of the
property aforementioned. <o:p></o:p>&nbsp;According to the Appellants, as stated in their
affidavit</main>