Commercial High Court ordered that a notice be gazetted to the effect that a case had been filed to liquidate Lanka Sugar Ltd.
Commercial High Court this week ordered that publication be made in gazette and in daily papers, to liquidate Lanka Sugar (Pvt) Ltd., on an application filed by Gal- Oya Planation Ltd.
Gal –Oya Plantation (Pvt) Ltd., had filed this action in Commercial High Court of Colombo, in terms of sec 271 of the Companies Act.
Gal Oya Plantation Ltd., states in its petition that it is a creditor of the said Lanka Sugar (Pvt) Ltd., as it has provided molasses worth Rs.151 million and had requested the same amount be paid on several instances to which Lanka sugar (Pvt) Ltd, had not conceded.
Thereafter, a statutory notice had been sent to Lanka Sugar (Pvt) Ltd and a case had been filed calling for the liquidation of Lanka Sugar (Pvt) Ltd. on the basis that it was unable to pay its debts.
Lanka sugar (Pvt) Ltd., is the entity, under which Palawatte Sugar Company and Sevenagala Sugar Company comes under.
It was submitted in court, that Chairman of Lanka Sugar (Pvt) Ltd, having accepted the liability in writing, has, thereafter, attempted to dispute the amount claimed, on the footing that it was only a confirmation made for audit purposes.
The Court, having satisfied, prima facie, ordered that publication be made in gazette and daily newspapers by July 04, 2017, notifying that an application had been made to court to wind up the said Lanka Sugar