SriLanka, June 20 -- The Court of Appeal has dismissed a writ application filed by Daya Group Limited and Daya Apparel Export (Pvt) Ltd challenging People's Bank's move to auction mortgaged properties under its parate execution powers.

Dismissing the writ application, the Court of Appeal held that People's Bank was legally entitled to proceed with the recovery process.

A Bench comprising Justices R. Gurusinghe and Dr. Sumudu Premachandra delivered the judgement yesterday and ordered the petitioners to pay costs fixed at Rs. 1 million.

The petitioners had sought writs of Certiorari, Prohibition and Mandamus to quash a resolution adopted by the Board of Directors of People's Bank authorising the sale of several mortgaged properties by pu...