Hamilton Reserve Bank Ltd vs Sri Lanka case continues

News

A US court has denied Sri Lanka’s motion to dismiss a complaint by Hamilton Reserve Bank over the non-payment of bonds, and now the case will proceed for inquiry, Sri Lanka’s Ministry of Finance said on Wednesday

The ruling was on March 24 by the U.S. District Court for the Southern District of New York. Plaintiff Hamilton Reserve Bank had commenced the action on June 21, 2022, initially seeking damages for alleged non-payment of bonds, as well as injunctive relief based on the alleged violation of a pari passu clause in the relevant indenture. Following Sri Lanka's motion to dismiss that initial complaint, Plaintiff filed an Amended Complaint on October 13, 2022, which dropped the pari passu claims and asserted a single claim for non-payment. On November 4, 2022, Sri Lanka filed a motion to dismiss the Amended Complaint, which the Court denied on March 24, 2023.

“As a result of the Court's decision to deny Sri Lanka’s motion to dismiss, the case continues. There has been no judgment on the merits of the claim. On April 7, 2023, Sri Lanka filed an Answer, in which Sri Lanka has denied liability on Plaintiff’s claim. The Court has set a status conference for April 20, 2023. Sri Lanka looks forward to discussing the case with the Court on that date,” the statement said.

Comments

Still No Comments Posted.

Leave Comments

Most Reviews

May 31, 2025

- 463 - 0

Flt Lt Kasun Cumaratunga , more than a pilot, a guardian remembered on his 37th death anniversary

Kasun, was born in 28th Sept 1964, the grandson of the legendary author and linguist Munidasa Cumaratunga and son of SSP Bindu Kumaratunga and Winifred

June 2, 2025

- 436 - 0

National Tax week launched

The Inland Revenue Department (IRD) backed by the Excise and Customs Department today launched a fresh drive to collect taxes including some Rs.780 billion listed as ‘collectable defaults’.

June 2, 2025

- 331 - 0

SriLankan Airlines’ new A330 Fleet to perform low fly past over Colombo on Wed.

May 29, 2025

- 250 - 0

Mahindananda and Nalin Fernando Jailed

Former Sports Minister Mahindananda Aluthgamage and former Sathosa Chairman Nalin Fernando have sentenced to 20 and 25 years respectively after they were found guilty in a case of fraud.

May 30, 2025

- 247 - 0

In Pix: Weather situation in Colombo

June 3, 2025

- 174 - 0

Krishanthi Kumaraswami convicts FR dismissed by SC

The Supreme Court today unanimously dismissed a Fundamental Rights petition filed by five convicts in the 1996 Krishanthi Kumaraswamy abduction, rape, and murder case.