JUDGEMENT
Ofoe J.
The defendant-applicant is seeking the assistance of this court to set aside execution that had been levied on its properties by the plaintiff-respondent (hereinafter referred to as the respondent). By his affidavit filed on 8 May 2001 in support of his motion paper the applicant averred that:
“(3) pursuant to a writ of summons and statement of claim filed by the plaintiff, the defendant consented to judgment on 9 February 1996 in respect of the principal amount claimed and on 26 February 1996 in respect of the interest on the principal amount; (4) subsequently, the plaintiff assigned its rights under the said judgment of Credit Guarantee Insurance Co Africa Ltd. On the basis of the assignment the defendant entered into an agreement with the said Credit Guarantee Insurance Co in which it undertook to pay the judgment debt to the said insurance company. Attached and marked as exhibit A is a copy of the said agreement; (5) notwithstanding the agreement and the assignment …