Supreme Court upholds ruling in favour of People’s Bank

The Supreme Court this week dismissed an appeal by Yashodha Holdings (Pvt) Limited against the judgement delivered by the Commercial High Court of the Western Province in favour of 
People’s Bank. HC (Civil) 90/99 (1) was filed on August 2, 1999 in the Commercial High Court of the Western Province in Colombo against Yashodha Holdings by People’s Bank to recover the outstanding short term loan facility worth Rs.120 million.
The Commercial High Court delivered its judgement in favour of the bank, and Yashodha Holdings (Pvt) Ltd appealed against the said judgement to the Supreme Court under Case No. SC(CHC) Appeal No.01/2018 which was dismissed by the Supreme Court on December 4, 2023 with cost, confirming the judgement of Commercial High Court.
S.A. Parathalingam, President’s Counsel with Kushan de Alwis, President’s Counsel and Hiran Jayasuriya, Attorney-at-Law appeared for People’s Bank.  Attorney-at-Law Lakdeu Unambuwa appeared for Yashodha Holdings (Pvt) Limited.