Saturday Nov 30, 2024
Saturday Nov 30, 2024
Thursday, 18 March 2021 01:12 - - {{hitsCtrl.values.hits}}
By S.S. Selvanayagam
The Colombo Commercial High Court on 9 March issued an enjoining order inter alia restraining the Sanasa Development PLC from auctioning the Ward City Shopping Complex in Gampaha which was scheduled to be held yesterday.
The court issued another enjoining order inter alia restraining Sanasa Development and the Developer – Gampaha Development Company Ltd. from transferring and/or alienating the property.
The Ward City Shopping Complex consists of approximately 288 luxury shop units and is valued at over Rs. 1 billion.
The Plaintiffs whilst challenging the legality of the resolution and auction notice alleged that the Sanasa Development Bank and Gampaha Development Company have been acting allegedly in collusion in order to acquire the property.
The Commercial High Court Judge Priyantha Fernando issued the said enjoining orders having considered the legality of the resolution and the auction notice and mortgage bonds that had been entered into without the intuition of the Plaintiffs.
Attorneys-at-Law Charaka Jayaratne with Chathuri Samarasinghe instructed by Wijesinghe Associates appeared and obtained the enjoining orders on behalf of the Plaintiffs.
