ACCESS BANK (GHANA) LTD. VRS. PNP IMPEX LTD. AND OTHERS (CM/0312/2016) [2024] GHAHC 157 (28 March 2024)

ACCESS BANK (GHANA) LTD. VRS. PNP IMPEX LTD. AND OTHERS (CM/0312/2016) [2024] GHAHC 157 (28 March 2024)

The 1st Defendant remains indebted to the Plaintiff as the loan was not fully liquidated by third-party payments, and the Plaintiff is entitled to recover the outstanding sum with interest and costs. The 2nd and 3rd Defendants are not personally liable as no separate deed of guarantee was executed.

Citation
ACCESS BANK (GHANA) LTD. VRS. PNP IMPEX LTD. AND OTHERS (CM/0312/2016) [2024] GHAHC 157 (28 March 2024)
Parties
Plaintiff: Access Bank (Ghana) Ltd.; 1st Defendant: PNP Impex Ltd.; 2nd Defendant: Prashant Ganatra; 3rd Defendant: Praful Ganatra
Court
ghahc
Jurisdiction
Ghana
Judgment Date
28 March 2024
Procedural Posture
Civil (commercial) / Judgment
Outcome
Judgment for Plaintiff against 1st Defendant; claims against 2nd and 3rd Defendants dismissed.
Legal Topics
Loan Recovery, Guarantee Liability, Right of Set Off, Assignment of Receivables
Source Language
eng
Banking Law Contract Law Commercial Law Loan Recovery Guarantee Liability Right of Set Off Assignment of Receivables

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Parties

Access Bank (Ghana) Ltd.

Plaintiff

PNP Impex Ltd.

1st Defendant

Prashant Ganatra

2nd Defendant

Praful Ganatra

3rd Defendant

Procedural Posture

Civil (commercial) / Judgment

Legal Issues

  1. 1 Whether the Defendants have settled their entire indebtedness to the Plaintiff.
  2. 2 Whether the 2nd and 3rd Defendants provided personal guarantees and are liable for the debt.
  3. 3 Whether the Plaintiff is entitled to its claims.

Ratio Decidendi

The 1st Defendant remains indebted to the Plaintiff as the loan was not fully liquidated by third-party payments, and the Plaintiff is entitled to recover the outstanding sum with interest and costs. The 2nd and 3rd Defendants are not personally liable as no separate deed of guarantee was executed.

Court Disposition

Judgment for Plaintiff against 1st Defendant; claims against 2nd and 3rd Defendants dismissed.

Orders

  • Recovery of GHS1,461,549.14 from 1st Defendant.
  • Interest at prevailing bank rate per annum from November 2015 until date of judgment.