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TOP KINGS ENTERPRISE LTD. & 2 OTHERS V. AMALGAMATED BANK LTD.

(2015) JELR 64418 (CA)

Court of Appeal  •  CIVIL APPEAL N0: H1/36/2014  •  12 Nov 2015  •  Ghana

Coram
MARIAMA OWUSU J.A. (PRESIDING), VICTOR OFOE J.A., A. M DORDZIE JA

Judgement

A.M.A. DORDZIE, J.A.

The respondent in this appeal, Amalgamated Bank Ltd, granted the appellants a loan facility totaling GHc411, 500.00. The appellants defaulted in paying the loan facility.

In an effort to recover the loan the bank instituted an action in the Commercial Division of the High Court claiming:

a) Recovery of a total sum of GHc543,979.01 being accrued principal and interest due on the facility granted the appellants

b) Interest on the said amount - Ghc543,979.01

c) Realization of security

d) Cost

The defendants challenged these claims and maintained that the plaintiff conducted itself in such a way that changed the terms of the loan facility and frustrated the 1st defendant’s ability to repay the loan. The defendants therefore counter claimed for general damages for breach of the agreement between the parties.

The parties agreed to amicably settle their differences and filed terms of settlement on the 18th of May 2012. The terms of settlement are as follows:

(1) “The debt has bee…

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