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06 January, 2015 09:18 AM Source: Financial Times - Sri Lanka

JAT Holdings and six other former customers of Touchwood Investment PLC, who have now terminated the Harvesting Agreement with the troubled firm by way of a Motion, have made an application to the Commercial High Court of Colombo in the winding-up case of Touchwood Investment PLC Case No. 31/2014 CO on 18 December 2014.
Kuvera de Zoysa, President’s Counsel with Attorneys-at-Law Nishan Premathiratne and Sashanee De Silva and instructed by Peummi Premathiratne appearing on behalf of the said former customers, made submissions to court, that the Liquidator’s report dated 4 December 2014 tendered to Court was violation of the rights of the aforesaid customers.
The Learned President’s Counsel submitted further that the Liquidator’s Report had included as assets properties which had been transferred to the said customers and which are now owned exclusively by the customers.
Moreover, the President’s Counsel submitted that the said properties could not be part of Touchwood Investments Plc’s assets and could not be part of the winding-up proceedings of the said company.
Furthermore, it was submitted that the Liquidator has also made representations in a newspapers by way of notices that the properties of these customers could only be managed by the Liquidator, which was in gross violation of the rights of the said customers’ proprietary rights.
Due to the Liquidator’s Senior Counsel being in a personal difficulty, the matter was re-fixed for support and inquiry for 6 February.

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