1. Revocation of the first instance judgment.

2. The instant lawsuit shall be dismissed.

3. All costs of the lawsuit shall be borne by the Plaintiff.

1. Basic facts

A. On March 27, 2012, the Defendants: (a) signed a letter of commitment stating that “The Defendant borrowed KRW 80 million from the Plaintiff on March 26, 2012; (b) the terms and conditions of the loan are the same as the certificate of borrowing attached (hereinafter “instant letter of commitment”); and (c) “The Defendant shall regularly borrow KRW 80 million from the Plaintiff on March 26, 2012, and shall be in two copies of the monthly interest, and the principal shall be paid in March 26, 2013 (hereinafter “the instant certificate of borrowing”); and (c) signed the said letter of commitment and the certificate of borrowing based on the said certificate of commitment and the certificate of borrowing as a notary public in March 26, 2012.”

B. On December 2, 2014, the Plaintiff applied for a payment order against the Defendants to the effect that “The Plaintiff was paid KRW 10 million out of the instant loan (including delay damages; hereinafter the same shall apply) of KRW 60 million with Busan District Court Decision 2014Da16422, and that “The Plaintiff sought payment of KRW 50 million with respect to the instant loan (including delay damages; hereinafter the same shall apply) of KRW 60,000,000,000, and thus, the said court ordered the payment order on December 5, 2014.”

However, the Defendants raised an objection to the above payment order and implemented the lawsuit (Seoul District Court 2015Kadan1938, hereinafter “the first lawsuit of this case”).

On April 14, 2015, the Busan District Court rendered a judgment on March 26, 2012 that “the Defendants jointly and severally pay to the Plaintiff the amount of KRW 50 million and the amount of interest calculated at the rate of KRW 24% per annum from November 27, 2014 to the date of full payment” (hereinafter “instant judgment”) by recognizing that the Defendants lent KRW 60 million to the Defendants on March 26, 2012, and that “the Defendants jointly and severally pay to the Plaintiff the amount of KRW 50 million and the amount of interest calculated at the rate of KRW 24% per annum from November 27, 2014 to the date of full payment” was finalized on May 21, 2015.

C. Since February 2016, the Plaintiff rendered the instant loans to the Defendants as Busan District Court No. 2016 Ghana20589.