T.K. Fastener Lanka (Pvt) Ltd. v. Seylan Bank Ltd. – sllr 2000 volume 2 page 155

In the case of T.K. FASTENER LANKA (PVT) LTD v. SEYLAN BANK LTD, the court addressed the appropriateness of an application under Sections 260 and 289 of the Companies Act within winding-up proceedings, and whether the District Court of Negombo had jurisdiction to order a third party bank to deposit funds appropriated against a disputed debt into the company’s liquidation account. It was held that the District Court is empowered to entertain such applications relating to the recovery and protection of company assets post-winding-up, reaffirming that the court’s jurisdiction extends to issues arising out of the winding-up, including acts of third parties affecting corporate property. The decision relied on the interpretative scope of Sections 260, 289, and 449 of the Companies Act, emphasizi