AGRICULTRUAL DEVELOPMENT BANK VRS ROYAL COMMODITIES @ 2 ORS. (CM/RPC/0669/2022) [2024] GHAHC 313 (20 June 2024)

AGRICULTRUAL DEVELOPMENT BANK VRS ROYAL COMMODITIES @ 2 ORS. (CM/RPC/0669/2022) [2024] GHAHC 313 (20 June 2024)

Plaintiff proved on balance of probabilities that Defendants are indebted for GHS19,057,890 as at 28th February 2022 under the loan agreement, with 2nd and 3rd Defendants liable as guarantors/mortgagors. Defendants failed to prove counterclaim or Plaintiff's responsibility for inability to sell land. Interest to be awarded at prevailing bank rate per statute.

Citation
AGRICULTRUAL DEVELOPMENT BANK VRS ROYAL COMMODITIES @ 2 ORS. (CM/RPC/0669/2022) [2024] GHAHC 313 (20 June 2024)
Parties
Plaintiff: Agricultural Development Bank PLC; 1st Defendant: Royal Commodities; 2nd Defendant: Global Haulage Company Ltd.; 3rd Defendant: Mr. Abdoulzakou Adamou
Court
ghahc
Jurisdiction
Ghana
Judgment Date
20 June 2024
Procedural Posture
Civil (commercial Division) / Final Judgment After Trial
Outcome
Judgment for Plaintiff; counterclaim dismissed
Legal Topics
Loan Facility Enforcement, Guarantor Liability, Mortgage Enforcement, Counterclaim Dismissal
Source Language
eng
Banking Law Contract Law Secured Transactions Loan Facility Enforcement Guarantor Liability Mortgage Enforcement Counterclaim Dismissal

Case Brief

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Parties

Agricultural Development Bank PLC

Plaintiff

Royal Commodities

1st Defendant

Global Haulage Company Ltd.

2nd Defendant

Mr. Abdoulzakou Adamou

3rd Defendant

Procedural Posture

Civil (commercial Division) / Final Judgment After Trial

Legal Issues

  1. 1 Whether Defendants are indebted to Plaintiff for GHS22,194,263.36 under a loan facility agreement
  2. 2 Whether Plaintiff is responsible for Defendants' inability to sell industrial plot to pay indebtedness
  3. 3 Whether Plaintiff is liable to pay Defendants' debts to other financial institutions as per counterclaim

Ratio Decidendi

Plaintiff proved on balance of probabilities that Defendants are indebted for GHS19,057,890 as at 28th February 2022 under the loan agreement, with 2nd and 3rd Defendants liable as guarantors/mortgagors. Defendants failed to prove counterclaim or Plaintiff's responsibility for inability to sell land. Interest to be awarded at prevailing bank rate per statute.

Court Disposition

Judgment for Plaintiff; counterclaim dismissed

Orders

  • Defendants to pay Plaintiff GHS19,057,890
  • Interest on GHS19,057,890 at prevailing bank rate (simple interest) from 28th February 2022 to date of final payment