TWO Appeal Court judges have sent back to CL Financial (CLF)’s liquidation judge a decision on whether the conglomerate’s joint liquidators are entitled to $24 million in fees for their work in 2019.
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Monday 14 December 2020
THE Court of Appeal has upheld a judge’s decision on a legal challenge brought by a property developer in its legal battle over the purchase of 16 acres of land from a subsidiary of CL Financial.
In a written decision on Friday, Justices of Appeal Peter Rajkumar and Vasheist Kokaram dismissed the procedural appeal of Select Properties Ltd (SPL) which challenged a decision of Justice Kevin Ramcharan to order that the land, located at South Park, Tarouba, as well as other properties owned by CLF’s subsidiary Home Construction Limited (HCL) be publicly advertised.
HCL’s subsidiary, Trincity Commercial Centre Ltd (TCCL), had agreed to sell the land to SPL for $60 million. The company agreed to pay a 10 per cent deposit, which was to be refunded if the deal fell through.