One Asia Investment Partners (Pvt) Ltd vs. The Central Bank of Sri Lanka and others – CA WRIT APPLICATION NO. 321/2017-2018

In the case between One Asia Investment Partners (Pvt) Ltd. and the Central Bank of Sri Lanka with related officials and City Finance Corporation Limited, the issue addressed was whether writs of Mandamus, Certiorari, and Prohibition should issue to compel the Central Bank and associated parties to approve the business proposal of the Petitioner for reviving a failing non-bank financial institution and to restrict the involvement of other investors.

It was determined that the Petitioner had failed to fulfill its financial commitments under the proposed revival scheme and that the Central Bank had acted within its authority in seeking and approving superior proposals in the interest of depositors. The principle was reaffirmed that the issuance of writs is a discretionary remedy subject