Appeal Court suspends auctioning of New Nawaloka Medical Centre

28 February 2024 07:00 pm Views - {{hitsCtrl.values.hits}} 4 Bookmark

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Colombo, Feb. 28 (Daily Mirror)- The Court of Appeal today issued an interim order preventing Hatton National Bank PLC from auctioning the property relating to New Nawaloka Medical Centre (Private) Limited.

Court of Appeal Justice D.N. Samarakoon issued this order to be effective until March 13. The Court made this order pursuant to a restitutio in integrum (RII) application filed by New Nawaloka Medical Centre challenging the Colombo Commercial High Court’s order dated 22nd February 2024.

The Court of Appeal registrar was directed to issue notice and the interim orders on the respondents yesterday (28) itself and the interim orders to be issued through ordinary means and also over the telephone and fax if the Petitioner pays charges.

The Colombo Commercial High Court delivered an Order on last Thursday (22) vacating its earlier enjoining order granted in favour of New Nawaloka Medical Centre (Private) Limited against Hatton National Bank PLC preventing parate execution. According to this order, the Hatton National Bank PLC was empowered to go ahead with the resolution adopted by its board of directors to auction properties securing certain loans which were granted to New Nawaloka Medical Centre (Private) Limited.

However, New Nawaloka Medical Centre filed this RII application seeking an order to set aside the order of the Commercial High Court dated 22nd February 2024.

The board of directors of the Hatton National Bank PLC had adopted a resolution on March 3, 2023 exercising its powers under Recovery of Loans by Banks (Special Provisions) Act, No. 4 of 1990 as amended to auction properties securing certain loans which were granted to New Nawaloka Medical Centre (Private) Limited.

President’s Counsel Romesh De Silva instructed by Attorney-at-Law Sanath Wijewardane appeared for New Nawaloka Medical Centre.

Comments - 4

Dee Wednesday, 28 February 2024 07:23 PM

Banks! Get ready for a tough time ahead. Let’s see what happens to the stocks.

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Fraudsters Wednesday, 28 February 2024 11:37 PM

So the parade execution delay till end of year was approved by cabinet to save their financier Nawaloka till end of elections

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Mahila Thursday, 29 February 2024 04:52 AM

Mudalali is very active and kicking!!!??? Having a GOOD GO!?? Elections, Come or Go!! Survival is the ART of BUSINESS ACUMEN!! We far exceed expectations and DO EXCEL!!??

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Terrence K Thursday, 29 February 2024 06:34 AM

Consequent to the Parate Execution Law suspended now one by one of the lackeys of politicians are making use to continue defaulting the facilities they have taken and mismanaged. Also these organizations hire doyens of the legal fraternity to circumvent the due process of recovery. This is the tip of the iceberg of defaulting customers who have been hand in glove with politicians in supporting politicians in their election work. At least now the government should understand the folly of suspending the Parate Law which was vehemently opposed by the Sri Lanka Banks Association!!!!!!!!

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