Banking (Special Provisions) Act 2023 · As enacted · Part V · Winding Up of Licensed Bank
80. Admission or rejection of claims
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Subject to the provisions of subsections (4) and (5), only the claims that are registered with the liquidator shall be considered by the liquidator for the purpose of giving effect to winding up proceedings of a licensed bank, without further evidence to that effect.
Any creditor of the licensed bank whose claim is secured by a mortgage or lien, may register such claim for an amount exceeding the expected value of the underlying asset which may be sold at a public auction or the market value as may be determined by an independent professional valuer possessing such qualifications and experience referred to in subsection (1) of section 16.
Any claim registered under the provisions of subsection (2), shall only be admitted by the liquidator after the public auction has taken place.
Any claim of which the value is uncertain, may be admitted by the liquidator for a value as determined by the liquidator in consultation with an independent professional valuer possessing such qualifications and experience referred to in subsection (1) of section 16.
The liquidator shall, after examining each claim registered under subsection (3) of section 79, classify such claims as-
claims admitted by the liquidator; and
claims rejected by the liquidator.
The liquidator shall, for the purpose of recording the claims classified under subsection (5), maintain two separate lists. In the case of claims classified as claims rejected under paragraph (b) of subsection (5), the liquidator shall record in such list the reasons for classifying such claims as rejected claims.
In both of the lists referred to in subsection (6)-
the name and address, the amount of the claim, and whether the claim is secured by collateral shall be specified in respect of each claimant; and
claims of equal ranking shall be listed together, in the order of their priority of payment.
Both of the lists referred to in subsection (6) shall be completed and submitted to the court, within a period of thirty working days from the deadline specified for the registration of claims.
The liquidator shall, after submitting the first set of lists as referred to in subsection (6), update such reports periodically and submit the updated lists to the court at such times as may be specified by the court.
The liquidator shall notify every claimant whose claim has been classified as rejected under subsection (5)
the fact of such rejection in writing, within a period of one month from the date of issuance of the receipt under subsection (3) of section 79.