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CABCO METALS LTD. V. GHANA COMMERCIAL BANK LTD.

(1980) JELR 69731 (HC)

High Court  •  11 Jun 1980  •  Ghana

Coram
CECILIA KORANTENG-ADDOW J.

Judgement

CECILIA KORANTENG-ADDOW J.: On 21 March 1980, judgment was entered for the plaintiff-respondents (hereafter referred to as the respondents) against the defendant-applicants (hereafter referred to as the applicants) for the sum of ¢537,858 with ¢15,000 costs. The applicants, the judgment-debtors, now apply for a stay of execution and payment on instalment basis. They have paid ¢230,000 down in respect of this debt and another sum of ¢628,286.59 which they owe to the respondents. The applicants propose to pay the balance in respect of both debts by quarterly payments of ¢30,000 to commence in September until their total indebtedness to the respondents has been liquidated.

The respondents do not oppose the application, but they do not agree to the terms of payment proposed. In their affidavit in opposition and their counter-argument, it was proposed that the terms which would be acceptable to the bank would be a down-payment of ¢100,000 and thereafter monthly instalmental payments of ¢50,…

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