Auctioning ‘Sunil T Films’ properties: Court restrains Sampath Bank

By S.S. Selvanayagam

The Colombo High Court issued an Enjoining Order against Sampath Bank, restraining it from auctioning the residential properties of sole proprietor of ‘Sunil T Films’ scheduled for Monday (11 February).

High Court Judge Prasantha de Silva fixed for 21 February the plaint filed by the plaintiff K. Sunil Thompson Fernando. S.A. Parathalingam PC with Nalin Peiris and Niranjan Arulpragasam instructed by Anoma Goonetilake appeared for the Plaintiff.

The Plaintiff in his plaint states he had been a customer of the Defendant Sampath Bank for more than 20 years, and maintained several accounts under aforesaid sole proprietor and also under his personal name.

He states that he, from time to time, has obtained several loan facilities and overdraft facilities from the Defendant and had been making payments on the said facilities.

As a security, the plaintiff has executed mortgage bonds in favour of the Defendant, he states.

Due to loss of business, he had difficulties in making regular payments and the said facilities have fallen into arrears, he states.

The Defendant has taken action to dispose his mortgage properties by way of a public auction, he states.

He grieves the total outstanding amount claimed by the Defendant is Rs. 93,209,220.20  for recovery whereas the market value of the said properties is far more than that amount, totalling to the tune of Rs. 234,500,000.

The court has issued the Enjoining Order pending the hearing and determination of the application for Interim Injunction restraining the Defendant from proceeding to hold the auction.