A private bank has acquired hotel properties belonging to Anilana Hotels and Properties PLC in Nilaveli and Passikudah under Sri Lanka’s Recovery of Loans by Banks (Special Provisions) Act.
In a disclosure to the Colombo Stock Exchange, Anilana said it had received a letter from the Sampath bank confirming the acquisition of the properties.
The company, however, said it has challenged the decision through two cases filed in the Commercial High Court, which are now pending before the Supreme Court on appeal.
Anilana has also filed a separate application under the Companies Act seeking a compromise with the bank.
According to the company, a prospective investor has offered Rs. 1.2 billion for the hotels as part of a proposed compromise. The Commercial High Court has issued notice on the private bank over the application.
Anilana said it would make a further disclosure if a compromise is reached. (Newswire)