H F C BANK GHANA LIMITED V. AMPRATWUM HOSTEL FACILITY LIMITED & ANOR.

JUDGMENT

This suit arose from a credit transaction between the Plaintiff Bank and the Defendants herein who operate a hostel facility in Mampong, Ashanti. Specifically, the 2^nd Defendant is a Director and sole shareholder of the 1^st Defendant Company and a personal guarantor under the loan agreement.

The endorsement on the writ of summons is as follows:

a) Recovery of the sum of Thirty-Six Thousand Five hundred and Fifty Ghana Cedis Seventeen Pesewas (GH¢36, 550.17) being outstanding balance of a loan facility granted to the 1^st Defendant by the Plaintiff.

b) Interest at the prevailing bank rate from 1^st November, 2011 till date of final payment.

c) Penal interest of 10% per annum from 1^st November, 2011 till date of final payment.

The plaintiff’s case was that the 1^st Defendant applied for a loan facility of GH¢ 30,000.00 for a twelve month period to enable it complete the ground floor of its Hostel facility. The said facility was approved on 10/07/2006 upon terms. First, it attracted inte…