Court orders RB to pay Investrust K2m in overdraft and interest charges

This is in a case in which Investrust Bank had sued Allen West Zambia Limited, Henry Banda, Chiparamba Enterprises and Mr Banda as respondents, for failing to settle an overdraft and interest in the matter of enforcement on mortgages.
The respondents owed the bank more than K2 million acquired by Allen West Zambia Limited which the three other respondents provided as security.
The amount relates to properties number 2597 and 2514 in Kitwe and plot number 2397 situated in Lusaka.
High Court Judge Isaac Kamwendo made the order in chambers following a consent decision by the parties involved.
“After hearing counsel for the plaintiff and counsel for the defendants, I hereby order the defendants to pay a total sum of K2,000,000 in full and final settlement of the plaintiff’s claim.
“In default of anyone, installment payment when due, all outstanding amounts should immediately be payable and the applicant is hereby granted liberty to take possession of plot number 1397 and 2514 situated in Kitwe as well as plot 2397 in Lusaka,” read the consent order in part.
Mr Justice Kamwendo said the amount should be paid in three installments with an initial amount of K700,000 to be paid immediately, while K650 000 should be paid later.
The court further ordered that the last installment of K650,000 should be paid by September 30, this year.
Mr Justice Kamwendo ordered that the defendants should further pay costs of incidental to the proceedings in the sum of K70,000.