Commercial Court rules in favour of bank, landlord, IPED
Stabroek News
December 29, 2006
The Bank of Baroda, the Institute of Private Enterprise Development (IPED) and a landlord recently found relief in Commercial Court against persons who owe them sums of money.
Commercial Court Judge BS Roy granted an $11.3 million consent judgement in favour of Bank of Baroda (Guyana) Inc on December 6 against Jamal and Janet Dwarka of 21 Water Street.
According to the Statement of Claim, the Dwarkas are indebted to the Bank of Baroda for the sum of $11,336,841, which is the sum owing and payable on a loan. On May 13, 2002, the bank loaned the defendants $10 million at an interest of 18% per annum. The loan repayment was guaranteed by Mortgage No.1192/2002.
By consent, a stay of execution of two months was granted and the mortgage deed was laid over for cancellation and the usual foreclosure order.
On the same day Justice Roy granted judgment to Henry Andrews for the sum of $92,900 against Royston Peters of 13 La Grange, West Bank Demerara. The sum is to be paid with interest at 6% per annum from October 24 until December 6 and thereafter at 4% until payment.
It was noted in the Statement of Claim that on July 6 the defendant vacated the bottom flat at 108 'B' Anna Catherina that had been rented to him and failed to pay the outstanding rent. Under an agreement of tenancy, Peters had agreed to pay rent of $15,000 monthly. However, he had not paid any for the period January 1 to July 6; owing $92,000. The plaintiff made several demands for payment but the defendant failed or refused to pay the sums owed.
And on December 13, Justice Roy also granted judgment by consent against Garfield McDonald and Donna Johnson of 14 Vlissengen Road in favour of IPED.
Justice Roy awarded judgment in the sum of $115,146 to IPED with interest at the rate of 0.6% per week from June 28, 2006 until fully paid. The judgment was granted by consent of the second named defendant and by default with respect to the first. The promissory note was laid over for cancellation and by consent a stay of execution was granted for two months.
According to the Statement of Claim, the sum is principal and interest owing to the plaintiff by the defendant pursuant to a promissory note signed on May 21, 2004 for the sum of $216,000. The claim indicated that several demands were made by IPED for payment from the defendants without result.