N and A Engineering Services Private Limited vs People’s Bank – CA WRIT/0603/2021-2021

In N and A Engineering Services Private Limited and Y. N. Premasiri v. People’s Bank and others, the court addressed whether interim relief should be granted to restrain the auction of properties by People’s Bank in execution of a resolution for debt recovery, particularly where some assets belonged to a third party. The ruling determined that, though a legal question existed regarding third-party ownership and the legitimacy of the bank’s recovery steps, interim relief was not warranted due to the Petitioners’ persistent default and repeated concessions already granted. The principles considered included risk of a nugatory judgment, balance of convenience, and irreparable harm. The holding reaffirmed that interim orders are to be issued sparingly where the applicant’s conduct justifies su