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By S.S. Selvanayagam
The Commercial High Court Holden in Colombo on 18 December issued an Enjoining Order restraining the Sampath Bank PLC from auctioning the Ward City Shopping Complex in Gampaha which was scheduled to be held on 26 December 2019.
The Court issued another Enjoining Order as well restraining the Developer – Gampaha Development Company Ltd. – from transferring and/or alienating the property.
The Ward City Shopping Complex consists of approximately 288 condominium units and is valued at over Rs. 1 billion.
Commercial High Court Judge A.M.R Marrikkar issued the said Enjoining Orders having considered among other grounds that Sampath Bank and Gampaha Development Company have entered into a mortgage bond without the knowledge of the Plaintiffs, who are the buyers of the said condominium units as per the sales agreements which had been executed before the said mortgage bond.
Charaka Jayaratne with Amila Perera appeared for the Plaintiffs.
