INTERCONTINENTAL BANK GH LTD V. NAVOO ENTERPRISE LTD AND 2 OTHERS

This case was transferred to this court by Her Ladyship the Chief Justice on the 27th

July, 2016.

A brief summary of the facts in this case is that the Plaintiff granted the 1st Defendant a local purchase Order Finance of GH¢320,000.00 for a term of 3 months at an interest of 29% per annum to enable the 1st Defendant to supply computers, computer accessories, car tyres and car batteries. The said facility was guaranteed by 2nd and 3rd Defendants and a legal mortgage over a property at Amasaman, Accra. The Defendants defaulted in the repayment of the facility. The Plaintiff brought the present action asking for the following reliefs:-

1. A recovery of the sum of GH¢214,331.72 being as at 2nd November, 2011 the outstanding balance of the facility advanced to the 1st Defendant Company.

2. Interest on the amount of GH¢214,331.72 from 25th October, 2010 to the date of final payment at the prevailing bank lending rate. Alternatively the judicial sale of H/No. A138, Abehenease with Registration …