UNIVERSAL MERCHANT BANK
V.
ERDMAC CO LTD

RULING 

i. Introduction 

[1] This is an application filed on November 10, 2017 by the Plaintiff/Applicant bank herein  praying that summary judgment be entered against the Defendants/Respondents for the reliefs: 

a) Recovery of the sum of GH¢938, 583.08 being the principal sum together with interest  as at 30th September, 2017;

b) Interest at the agreed rate of 28.50% per annum on the said sum of GH¢938, 583.08 from 1st October, 2017 until date of full and final payment. 

c) Cost on full indemnity basis. 

[2] The instant application is anchored on the Writ of Summons filed on August 28, 2015 by  which the Plaintiff claimed against the Defendants the following judicial reliefs stated here below  as follows:- 

1. Recovery of the sum of GH¢528,119.13 as at 31st March, 2015 being the outstanding  debt owed by the Defendants to the Plaintiff as at 31st March, 2015. 

2. Interest on the agreed rate of 28.50% per annum on the said sum of GH¢528,119.13 from 1st April, 2015 until date of full and fin…