ABII NATIONAL SAVINGS & LOANS COMPANY VRS SADDICK ADAMS BABA & ANOR. (CM/BDC/0643/2021) [2024] GHAHC 241 (1 July 2024)

IN THE SUPERIOR COURT OF JUDICATURE IN THE HIGH COURT OF JUSTICE [COMMERCIAL COURT] HELD IN CAPE COAST ON 1ST JULY, 2024 BEFORE HIS LORDSHIP JUSTICE EMMANUEL A. LODOH, J. CM/BDC/0643/2021 ABII NATIONAL SAVING AND LOANS PLAINTIFF COMPANY LIMITED UNNUMBERED HOUSE ADJACENT C. WOERMANN GHANA LIMITED NSAWAM ROAD, ACCA VRS. 1. SADDICK ADAMS BABA DEFENDANT (S) ATINKA FM MEDIE VILLAGE ACCRA 2. BOBIE PATRICK UNNUMBERED HOUSE ACCRA CONSENT JUDGMENT Background The Plaintiff on 1st June, 2021 caused to be issued a Writ of Summons out of the Registry of the Commercial Court, Accra against the named Defendants for the following endorsed on the Writ of Summons reliefs: 1 of 5 (a) Recovery of the sum of Forty-Nine Thousand, Four Hundred and Forty-Nine Cedis and Sixty-Seven Pesewas (GHS49, 449.67) being the outstanding Principal sum under the Restructured Facility as at 26th March 2021. (b) Recovery of the sum of Twenty-Three Thousand, Three Hundred and Nine Cedis and Fifty Pesewas (GHS23, 309.50) being Interest on the aforementioned sum at the agreed contractual rate from date of default till date of final payment. (c) Recovery of the sum of Fifty-Seven Thousand, Six Hundred and Ninety-Two Cedis and Twenty-Six Pesewas (GHS57, 692.26) being a penalty charge on the aforementioned sum of the agreed contractual rate from date of default till date of final payment. (d) Cost including Counsel’s fees The record will show that even though the Writ and Statement of Claim was served on the defendants by substituted service only the 1st Defendant entered appearance to the Writ through his counsel on 24th March, 2022. The 1st Defendant subsequently filed his statement of defence and counter-claim. In the said process the 1st Defendant counter- claimed for an order for a reconciliation of accounts to determine the true debt position between the plaintiff and the 1st Defendant. The record will show that the 2nd Defendant did not enter appearance to the action. Settlement The record will further show that even though pre-trial settlement conference failed and the matter was set down for trial. The parties the Plaintiff and the 1st Defendant entered into terms of settlement and filed same on 3rd June, 2024. An examination of the said term will show that same was executed on behalf of the Plaintiff by Mr. Samuel Kingsley Arthur, the General Manager and his witness 2 of 5 Emmanuel Nii-Otu Lartey, the Acting Head, Credit of the Plaintiff entity. The said terms of settlement was similarly executed by the 1st Defendant personally and his lawyer, Dennis Frimpong Agyebeng, Esq. Adoption of Terms On the 1st of July, 2024, when the matter was called up to be heard, the Plaintiff prayed that the said terms be adopted as the consent judgment of the court. Counsel for the 1st Defendant on behalf of the 1st Defendant similarly pray that the said terms of reference be adopted by the court as its consent judgment. Accordingly, having therefore carefully examined the terms of settlement filed by the parties, I find no reason to refuse the application to adopt the terms of settlement filed between the Plaintiff and 1st Defendant ONLY. Accordingly, I hereby adopt the terms of settlement filed by the parties on 3rd June, 2024 and enter the terms contained therein at paragraph 3, 4, 5 and 6 of the terms of settlement as the consent judgment of this court as follows: 3. In settlement is hereby expressly stated and agreed upon as follows: (a) The outstanding principal balance as at April 2024, is an amount of Forty-Six Thousand, Two Hundred and Twenty-Three Ghana Cedis and Six-Six Pesewas (GHS46,223.66) and an interest of Thirty-Three Thousand, Two Hundred and Eighty Ghana Cedis and Ninety-Two Pesewas (GHS33,280.92). (b) The 1st Defendant shall fully discharge his indebtedness to the Plaintiff by making monthly payments of an amount of Two Thousand, Two Hundred and Eight Ghana Cedis and Forty-Six Pesewas (GHS2,208.46) for 36 months 3 of 5 commencing from 30th April 2024, in satisfaction of the outstanding balance and interest. (c) The 1st Defendant may make lump sum payments to the Plaintiff following which there will be a restructuring of the installment payment plan to reflect the corresponding balance after the lump sum payment made. (d) That the Plaintiff shall apply an interest of 42% per annum for each month that the 1st Defendant default in payment upon Execution of this Agreement. (e) In the event the Defendant default in payment of three (3) consecutive monthly instalments, the entire amount claimed by the Plaintiff shall become due and the Plaintiff shall be entitled to recover the amount stated in paragraph 3 (a) and (b) above together with interest at the rate of 42% till the date of final payment and shall further be entitled to go into execution of this Consent Judgment of this Honourable Court against 1st Defendant. 4. This document embodies the entire understanding of the parties in respect of the matters contained or referred to in it and there are no promises, terms, conditions or obligations, oral or written, express or implied other than those contained in this document. 5. No variation or amendment of this document or oral promise or commitment related to it shall be valid unless committed to writing and signed by or on behalf of all the parties. 6. That the parties above have agreed that these TERMS OF SETTLEMENT be adopted as a CONSENT JUDGMENT of this Honourable Court. Emmanuel Atsu Lodoh 4 of 5 (Justice of the High Court) Lawyers 1. Florence Mensah,Esq. for Hans Awude, Esq. for the Plaintiff. 2. Francisca Agyekumwaa Adu, Esq. for Dennis Frimpong Agyebeng, Esq. for the 1st Defendant. 5 of 5