CIFL depositors allowed to proceed in case against CB
View(s):When the fundamental rights application filed by the CIFL (Central Investment and Finance Ltd) Depositors Association (CIFLDA) against the Central Bank (CB) was taken up on Friday by a 2- member Bench of the Supreme Court, Justices Prasanna Jayawardene and Ms. Eva Wanasundera granted leave to proceed and the case will be taken up on August 2.
In this case, the petitioners CIFLDA are seeking notice to be issued on the respondents – CB; to enforce the proposals set forth in the press release dated October 18, 2016 by the CB and to introduce a fair and reasonable repayment plan equal to all depositors of CIFL without considering the deposit amounts.
Earlier on March 5, the CB Bank sealed the premises of CIFL following a decision to cancel the licence of CIFL. The CB said that all insured deposits of CIFL will be paid up to a maximum of Rs. 600,000 per depositor in line with the regulations of the Sri Lanka Deposit Insurance and Liquidity Support Scheme.
(QP)