Appeals dismissed, People’s Bank to mortgage assets to recover debts

The Supreme Court dismissed two appeals of Y. Kasthuriarachchi allowing the People’s Bank to sell the mortgage assets to recover its long outstanding debts.

People’s Bank has parate executed the mortgage assets at Nuwara Eliya in 2011 after consequent to the series of court actions.

However sale of the mortgage assets has been withheld due to court actions initiated by Y. Kasthuriarachchi, Chairman of Yashoda Holdings (Pvt) Ltd. Recently the Supreme Court rejected two appeals made by Kasthuriarachchi preventing the bank from taking the vacant possession of the assets at Nuwara Eliya.

Now the Bank can obtain the vacant possession of the properties and proceed with the sale of the assets to recover the debt.