People’s Bank given possession of property mortgaged by Yashodha Holdings in Nuwara Eliya

People’s Bank has been given possession of a property mortgaged by Yashodha Holdings Private Limited in the Nuwara Eliya town, following a court order.
Yashodha Holdings had mortgaged the said property to People’s Bank in lieu of a loan it had secured from the bank.
People’s Bank had sought to obtain the possession of the said property in 2011, as per the provisions of the People’s Bank Act, following the defaulting of the loan.
However, Yashodha Holdings Chairman Y. Kasthuriarachchi had filed an appeal, which prevented People’s Bank from obtaining the possession of the said property. The appeal was dismissed by the Supreme Court.
Consequently, the fiscal officers of the Nuwara Eliya District Court had restored People’s Bank in possession of the said property. 
The said property is to be auctioned.