People's Bank was given full possession of a property in the city of Nuwara Eliya, mortgaged to the Bank as security for a facility obtained by Yashodha Holdings (Pvt) Ltd, by fiscal officers of the Nuwara Eliya District Court pursuant to the judgement by the Supreme Court.
According to a judgment given by the Supreme Court, the property mortgaged to the People's Bank was auctioned and taken over in 2011 by the Bank, in accordance with the provisions of the People's Bank Act.
However, the owner of the company filed a lawsuit challenging the acquisition of the property, and their appeals were dismissed by the Supreme Court. Accordingly, full possession of the property was handed over to the People's Bank by the Fiscal Officers of Nuwara Eliya District Court on 24.05.2023.
Accordingly, People's Bank will take steps to dispose of the property and recover the loan amount.
