Civil Court has once again granted Bank of Ceylon the permission to sell Theluveliga Resort in Alif Dhaalu atoll due to failure to repay loans.
Civil Court has once again granted Bank of Ceylon the permission to sell Theluveliga Resort in Alif Dhaalu atoll due to failure to repay loans.
Earlier in March, Civil Court had initially granted the Bank of Ceylon permission to sell Theluveliga Resort with bidding set to start at USD 21 million. However, the resort remained unsold at the set price.
Following this, Civil Court's ruling of yesterday states that under the permit granted in March, the price proposed for purchase of the resort was USD 9.9 million. Hence, the court granted Bank of Ceylon an additional month in which to sell the resort at USD 21 million.
In the instance that the resort still cannot be sold at this price within the period of one month, then the Bank can lower the price by 35 percent and proceed sale of the resort within a period of an additional two months.
If the sale is still not confirmed, then the Bank must notify the Court, the ruling said.
The Theluveliga Retreat resort is up for sale due to failure to repay a loan taken by Castaway Maldives from Bank of Ceylon. As of now, USD 9.1 million is due as loan repayment. Guarantee for the loan was given by former Minister of Fisheries Hussain Hilmy.
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