Ekanayake and Others vs Peoples Bank – sllr 2005 volume 2 page 094

In the case between Ekanayake and Others (Petitioners) and Peoples Bank (Respondent), the court addressed whether an error in calculating the quantum recoverable affects the bank’s jurisdiction under Section 29D of the People’s Bank Act to parate execute mortgaged property, and whether the bank is entitled to recover only amounts legally due under Section 29M. It was held that a miscalculation of the sum recoverable constitutes a question of fact and does not affect the statutory jurisdiction of the bank to proceed with parate execution. The decision reaffirmed the principle that jurisdiction under Section 29D is not dependent on the exactitude of the amount calculated, but the bank is entitled to recover only legally due sums, with surplus proceeds to be returned. This outcome relied on i