Court stays action by Union Bank on Tenaga Car Parks

The Court of Appeal President Justice Nissanka Bandula Karunarathna and Justice Vikum Kaluaracchi recently issued a stay order staying the auction by Union Bank Colombo PLC on Tenaga Car Parks Ltd., until 28 December.

The petitioner Tenaga Car Parks Ltd. had obtained financial facilities from the Union Bank. Tenaga Car Parks Ltd. in their petition stated that the Notice of Resolution was bad in law because the date of the notice and the date of the publication therein was contradictory.

Further, the Gazette publication of the purported resolution was inaccurate due to the said resolution containing numbers of non-existing mortgage bonds.

The petitioner further contended that the notice of resolution and sale was not communicated to Tenaga Car Parks Ltd but only to the owner of the property in issue.

Farman Cassim PC with Attorney-at-Law Vinura Kularatne and Attorney-at-Law Jessica Abeyeratne instructed by Sanath Wijeywardena appeared for Tenaga Car Parks Ltd.