Balasooriya vs. Piyasiri and Others – sllr 2019 volume 2 page 489

In the case between BALASOORIYA (Plaintiff) and PIYASIRI and Others (Defendant), the court addressed whether the resolution adopted by People’s Bank in 2003 to sell mortgaged property fell within the retrospective application of the Recovery of Loans by Banks (Special Provisions) Amendment Act, No. 1 of 2011, as further amended by Act No. 19 of 2011. The court determined that the Amendment Act applies only prospectively and does not nullify pre-amendment resolutions. It was established that the statutory language, supported by legislative intent and principles of statutory construction, prohibits retroactive application that would affect vested rights. The decision emphasized that extrinsic materials, such as Hansard, may assist in interpretation but do not alter clear statutory limitation