People’s Bank vs Bianca (Pvt) Ltd. – SC/CHC/APPEAL/21/2021-2025

This case concerns an appeal by Bianca (Pvt) Ltd. against People’s Bank concerning the recovery of term loan facilities granted via Trust Receipts. The defendant admitted to the loan terms but did not present a specific defense. The High Court awarded the principal sum with 8% interest. The appeal contested the interest calculation. The Supreme Court dismissed the appeal, upholding the High Court’s 8% interest award as fair given the prolonged non-payment of the principal sums, and this decision also binds a related appeal involving guarantors.

Mahinda Samayawardhena, J. delivered the judgment, detailing the plaintiff bank’s action to recover term loan facilities from the defendant, Bianca (Pvt) Ltd., based on Trust Receipts. The defendant admitted obtaining the loans under the specified