NDK FINANCIAL SERVICES LTD. VRS. K. B. ANNAN LTD. AND ANOTHER (CM/BFS/0700/2018) [2024] GHAHC 156 (13 June 2024)

NDK FINANCIAL SERVICES LTD. VRS. K. B. ANNAN LTD. AND ANOTHER (CM/BFS/0700/2018) [2024] GHAHC 156 (13 June 2024)

Plaintiff is entitled to recover the outstanding loan amounts and contractual interest as Defendants failed to prove existence of any arrangement obliging Plaintiff to release IPC funds or finance the entire project. Penal interest is disallowed as it constitutes punishment in a commercial transaction.

Citation
NDK FINANCIAL SERVICES LTD. VRS. K. B. ANNAN LTD. AND ANOTHER (CM/BFS/0700/2018) [2024] GHAHC 156 (13 June 2024)
Parties
Plaintiff: NDK Financial Services Ltd.; 1st Defendant: K. B. Annan Ltd.; 2nd Defendant: Kwabena Bentum Annan
Court
ghahc
Jurisdiction
Ghana
Judgment Date
13 June 2024
Procedural Posture
Commercial Civil Suit / Final Judgment
Outcome
Judgment for Plaintiff against Defendants jointly and severally.
Legal Topics
Loan Agreements, Default and Penalty Interest, Mortgage Enforcement, Burden of Proof, Contractual Interpretation
Source Language
eng
Contract Law Banking Law Commercial Law Loan Agreements Default and Penalty Interest Mortgage Enforcement Burden of Proof Contractual Interpretation

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 6 Authorities cited 7 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

NDK Financial Services Ltd.

Plaintiff

K. B. Annan Ltd.

1st Defendant

Kwabena Bentum Annan

2nd Defendant

Procedural Posture

Commercial Civil Suit / Final Judgment

Legal Issues

  1. 1 Whether repayment of Facility III granted to the 1st Defendant has expired
  2. 2 Whether Defendants were indebted to Plaintiff in the sums claimed for Facility I, II, and III as at 31st August 2018
  3. 3 Whether Plaintiff is entitled to its reliefs

Ratio Decidendi

Plaintiff is entitled to recover the outstanding loan amounts and contractual interest as Defendants failed to prove existence of any arrangement obliging Plaintiff to release IPC funds or finance the entire project. Penal interest is disallowed as it constitutes punishment in a commercial transaction.

Court Disposition

Judgment for Plaintiff against Defendants jointly and severally.

Orders

  • Recovery of GHS10,880,617.01 for Facility I with contractual interest at 3.9% per month from 31st August 2018 till judgment.
  • Recovery of GHS5,755,529.19 for Facilities II and III with contractual interest at 4.5% per month from 1st September 2018 till judgment.