L B Finance PLC vs. Wadduwa Palliyagurunnanselage Namal Senanayake – SC CHC APPEAL/56/2013-2023

In the case between L B Finance PLC and Wadduwa Palliyagurunnanselage Namal Senanayake, the court addressed the issues of jurisdiction of the Commercial High Court of Colombo over a property-mortgage dispute, the admissibility and evidentiary status of the mortgage bond under transitional civil procedure provisions, and the calculation of the loan outstanding after installment payments. It was held that the Commercial High Court had proper jurisdiction as the contract related to the loan was executed in Colombo, the mortgage bond had been produced without objection and was admitted under transitional provisions of the Civil Procedure Code (Amendment) Act No. 17 of 2022, and the calculation of outstanding loan amount was correct with sufficient evidence presented at trial. The principles re