IN-PETROL GHANA LIMITED
V.
GHANA OIL COMPANTY LIMITED (GOIL)

(2021) JELR 109023 (SC)    
Supreme Court  ·  J4/07/2021 ·  29 Apr 2021 ·  Ghana
CORAM
YEBOAH CJ (PRESIDING), MARFUL-SAU JSC, AMEGATCHER JSC, OWUSU (MS.) JSC, TORKORNOO (MRS.) JSC
Core Terms Beta
plaintiff
defendant
court of appeal
weight of evidence
defendant's breach
payment schedule
high court
breach of contract
statement of claim
2nd january
metric tonnes of gasoil
alleged losses
case of plaintiff
claims of the plaintiff
exhibit b
plaintiff's suppliers
purchase price
basis of these findings
case of the plaintiff
commencement of loading of the gasoil
day letters of credit
decision of the commercial division of the high court
end of the trial
estimated ex-refinery price
evaluation of the trial judge
exchange rate
exhibits a
final orders of the trial court
first set of losses
high court's decision
issue of the letters of credit
judgment of the court of appeal
knowledge of the defendant
particular transaction
schedule of payments
such amount
ut bank ltd.

JUDGMENT 


TORKORNOO JSC:- 

This is an appeal from the judgment of the court of appeal affirming the  decision of the commercial division of the high court. The parties are  companies dealing in petroleum products. The  plaintiff/respondent/respondent (plaintiff) described itself as an oil trading  company and the defendant/appellant/appellant (defendant) as an oil  marketing company.  

THE CASE OF PLAINTIFF 

The case of the plaintiff is that it sold 5500 metric tonnes of gasoil to  defendant on credit. The defendant gave the plaintiff a Corporate Irrevocable  Payment Undertaking (hereinafter referred to as CIPU or the Undertaking)  with a schedule of payments for the gasoil. The CIPU was addressed to the  plaintiff and it's bankers, UT Bank Ltd. 

Under the payment schedule, defendant was required to pay plaintiff GhC10,727,808.00 in five equal installments of GhC2,145,561.60 between 30 to  40 days after commencement of loading of the gasoil from Tema Oil Refinery  (TOR).  

According to pla…

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