Liza Chan Sow Keng J:

GROUNDS OF JUDGMENT

Introduction

[1]Enclosure (“Enc.”) 15 is the Plaintiff’s application for summary judgment pursuant to Order 14 of the Rules of Court 2012^nd and 3^rd Defendants.

Background

[2]The Plaintiff is in the business of selling fuel, oil and other related products.

[3]By a credit application dated 22.08.2018, the 2^nd and 3^rd Defendants, as Directors of the 1^st Defendant, applied to the Plaintiff, and the Plaintiff agreed to sell, supply and deliver goods to the 1^st Defendant on credit basis.

[4]It was a term of supply that the Plaintiff is entitled to impose interest at the rate of 1.5% per month on all outstanding sums due and owing in respect of the supply. This rate of interest was set out in Clause 11 (b) of the credit application form signed by both the 2^nd and 3^rd Defendant.

[5]In consideration of the Plaintiff agreeing to provide and/or continue the said supply of goods on credit to the 1^st Defendant, the 2^nd and 3^rd Defendants executed a letter of guarantee and indemnity dated 22.08.2018 in favour of the Plaintiff wherein the 2^nd and 3^rd Defendants jointly and/or severally guaranteed the repayment of all debts owed by the 1^st Defendant to the Plainti