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.
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.
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 sa…