DORDZIE J.: By an agreement dated 27 March 1997 the first defendant company took a loan facility of ¢20 million from the plaintiff-company, a non-banking financial institution. The loan was to be repaid within 30 days, and it was to attract interest at the rate of eight percent per 30 days’ period. These terms were stipulated in the agreement which is exhibited with this application as exhibit B. The second defendant guaranteed the loan.
As at 18 June 1998 the defendants had not fully paid the loan. There was an outstanding balance of ¢14,757,624.87. The plaintiff therefore brought this action for payment of this amount plus the accrued interest at eight percent from 18 June 1998 to the date of final payment.
In the present application, the plaintiff is asking for summary judgment under Order 14, rr 1 and 2 of the High Court (Civil Procedure) Rules, 1954 (LN 140A) as amended by the High Court (Civil Procedure) (Amendment) (No 2) Rules, 1977 (LI 1129). The defendant filed a statement of …