People’s Bank acquires properties of CML MTD Construction

• Gets court’s nod to sell Yashoda Holdings’ mortgaged assets 

The People’s Bank has acquired mortgaged properties worth over Rs. 600 million in settlement of debt availed by CML MTD Constructions Limited by way of parate execution. 
Acquired machinery and vehicles will be sold through public tenders in due course in order to settle long outstanding debt availed by the company.

Meanwhile, the Supreme Court has dismissed two appeals by Yashoda Holdings (Pvt) Ltd Chairman Y. Kasthuriarachchi allowing People’s Bank to sell the mortgage assets to recover its long outstanding debts.
People’s Bank has parate executed the mortgage assets at Nuwara Eliya in 2011 consequent to the series of court actions.
However, the sale of the mortgage assets has been withheld due to Court actions initiated by Yashoda Holdings Chairman Y. Kasthuriarachchi. 

Recently, the Supreme Court rejected two appeals made by the abovenamed, preventing from taking the vacant possession of the assets in Nuwara Eliya.
People’s Bank is now in a position to obtain the vacant possession of the properties and proceed with the sale of the assets to recover the debt.