Lawyers appearing on behalf of Touchwood Investments Plc (TWOD), Vijan Lanka Kiwlegedara sought further time to honour the Rs. 21 million worth cheques issued as there has been a delay in the remittance of funds from the account of a foreign investor.
The request was made after the Touchwood winding-up case was called in the Commercial High Court before Amendra Senevirathna H.C.J. yesterday (March 06).
The cheques issued to the Petitioner and eight other intervening creditors, by the CEO of Touchwood Investments PLC Lanka Kiwlegedara from his personal bank account, were all retuned due to insufficiency of funds in his account.
Lawyers appearing on behalf of Kiwlegedara stated that that the investor is the Industrial and Commercial Bank of China (ICBC), the largest bank in the world by assets.
The lawyers attributed the situation due to a delay of documents.
Despite the existance of a settlement, the Counsel for the Petitioner Avindra Rodrigo insisted on proceeding with the inquiry for the winding-up of the company on 19 March 2014.
A list of the creditors who are to be paid were also presented to court.
As stated on 25 February 2014 in Court, TWOD also assured to keep a land as security and file the relevant documents in Court on 6 March, which they had failed to do.
The case will be taken up again on March 19.
The request was made after the Touchwood winding-up case was called in the Commercial High Court before Amendra Senevirathna H.C.J. yesterday (March 06).
The cheques issued to the Petitioner and eight other intervening creditors, by the CEO of Touchwood Investments PLC Lanka Kiwlegedara from his personal bank account, were all retuned due to insufficiency of funds in his account.
Lawyers appearing on behalf of Kiwlegedara stated that that the investor is the Industrial and Commercial Bank of China (ICBC), the largest bank in the world by assets.
The lawyers attributed the situation due to a delay of documents.
Despite the existance of a settlement, the Counsel for the Petitioner Avindra Rodrigo insisted on proceeding with the inquiry for the winding-up of the company on 19 March 2014.
A list of the creditors who are to be paid were also presented to court.
As stated on 25 February 2014 in Court, TWOD also assured to keep a land as security and file the relevant documents in Court on 6 March, which they had failed to do.
The case will be taken up again on March 19.
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Related News:
http://www.cse.lk/cmt/upload_cse_announcements/6711394167571_.pdf
http://slbiznews.blogspot.co.uk/2014/03/touchwood-boss-could-face-jail.html
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