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

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…