Ceylinco seeks enhanced compensation in Celestial Residencies acquisition

Wednesday, 25 October 2017 01:29 - - {{hitsCtrl.values.hits}}

Wants compensation increased from Rs. 3.8 b to Rs. 8 b

The Court of Appeal yesterday re-fixed for 27 February the appeal petition filed by Ceylinco Home International Ltd. against the alleged insufficient award granted by the Compensation Tribunal.

Justice E.A.G.R. Amarasekara deferred the matter for 27 February 2018 as one of the judges is on leave.

President’s Counsel S. A. Parathalingam with Nishkan Parathalingam appeared for the Petitioner Ceylinco Home International Ltd.

The Compensation Tribunal is established under the Revival of Underperformed Enterprises Act of 43 of 2011.

The Petitioner states that by the said award, the petitioner was awarded Rs. 3,587 million for the acquisition of the property Celestial Residencies situated on Galle Road almost opposite to Cinnamon Grand Hotel.

Petitioner is seeking the Court to set aside the award granted by the Compensation Tribunal and enhance the compensation to a sum of Rs. 8 billion.

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