H F C BANK GHANA LIMITED
V.
AMPRATWUM HOSTEL FACILITY LIMITED & ANOR.

(2012) JELR 69532 (HC)    
High Court  ·  SUIT NO.BFS/55/12 ·  23 Jul 2012 ·  Ghana
CORAM
ANGELINA MENSAH-HOMIAH (MRS.) JUSTICE OF THE HIGH COURT
Core Terms Beta
plaintiff
defendants
interest
evidence
loan agreement
exhibit c
interest rate
cross-examination
exhibit
penal interest
agreed interest
sole shareholder
date of final payment
month period
penalty clause
plaintiff bank
prevailing bank rate
exhibit d series
exhibit e
exhibits b
general rule
hostel facility
plaintiff’s case
record shows
above evidence
accounts of the defendants
amount of money
apparent reason
benefit of others
contractual obligations
credit transaction
detailed statement of accounts
expiry of the agreement
instance of the defendants
knowledge of the penal interest
loan facility of gh
outstanding amount
outstanding balance of a loan facility
party of full age
recovery of the sum
representative of its lawful attorney
said facility
subsequent granting of a loan of gh
such debits
true state of affairs

JUDGMENT

This suit arose from a credit transaction between the Plaintiff Bank and the Defendants herein who operate a hostel facility in Mampong, Ashanti. Specifically, the 2nd Defendant is a Director and sole shareholder of the 1st Defendant Company and a personal guarantor under the loan agreement.

The endorsement on the writ of summons is as follows:

a) Recovery of the sum of Thirty-Six Thousand Five hundred and Fifty Ghana Cedis Seventeen Pesewas (GH¢36, 550.17) being outstanding balance of a loan facility granted to the 1st Defendant by the Plaintiff.

b) Interest at the prevailing bank rate from 1st November, 2011 till date of final payment.

c) Penal interest of 10% per annum from 1st November, 2011 till date of final payment.

The plaintiff’s case was that the 1st Defendant applied for a loan facility of GH¢ 30,000.00 for a twelve month period to enable it complete the ground floor of its Hostel facility. The said facility was approved on 10/07/2006 upon terms. First, it attracted inte…

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