Commercial High Court orders winding up of Bimputh Lanka Investments

By Lakmal Sooriyagoda

Colombo Commercial High Court Judge Jagath Kahandagamage recently ordered the winding up of Bimputh Lanka Investments PLC, formerly Bimputh Finance PLC (Bimputh), following a petition filed by Housing Development Finance Corporation Bank of Sri Lanka (HDFC).

HDFC filed the winding up petition, following the default by Bimputh in settling the loans due to HDFC, in excess of Rs.350 million. 

“Taking into account the circumstances, the failure of Bimputh Lanka Investment PLC to fulfil its financial obligations indicates its inability to settle its debts, which serves as a justification for its winding up,” the High Court judge observed. 

The court held that the petitioner has a valid cause of action to wind up the company. 

Accordingly, in terms of section 270(e), read with section 271 of Companies Act No.07 of 2007, the court ordered Bimputh Lanka Investment be wound up.

Senior Counsel Shivan Coorey, along with Junior Counsels Hasitha Gamage and Dinithi Panambara, instructed by Sarravanan Neelakandan Law Associates, represented the petitioner.