Court restrains sale

Sarath Malalasekera

The Western Province Commercial High Court Judge Rohini Walgama issued an enjoining order restraining the Defendant, Seylan Bank, from holding the sale fixed for October 28.

The palintiff Cosmos Macky Industries (Pvt) Limited, Main Street, Colombo 11 cited Seylan Bank, Ceylinco Seylan Tower, Colombo as defendant.

The plaintiff states that prior to the dates material to this action the defendant bank granted certain facilities to the Plaintiff.

As the plaintiff defaulted in the repayment of the said facilities the defendant passed a resolution on April 16, 2007 to sell the property of the plaintiff described in the said resolution.

Thereafter the plaintiff instituted Commercial High Court seeking inter alia a declaration that the said resolution is void and the prevention of the sale of the properties described in the said resolution. The Court issued at first instance an Enjoining Order which was subsequently vacated. Following which interim injunction was refused.

The Plaintiff states as proper and adequate notice of the said sale has not been given to the public grave and irreparable damage would be caused to the plaintiff if the sale takes place on the said date.

President's Counsel S.A. Parathalingam with Nishkan Parathalingam instructed by Mather and Ramanathan appeared for the plaintiff.