The liquidation of troubled finance company Bimputh Lanka Investments PLC is proceeding on the ground even though the company’s challenge to the winding-up order that triggered it has not been decided.
In a market announcement reported by EconomyNext on Tuesday, the company said its court-appointed liquidator has called for statements of affairs from its directors and has filed his preliminary report on the conduct of the liquidation.
Two processes running at once
The Commercial High Court of the Western Province in Colombo ordered the company wound up under Section 270(e) read with Section 271 of the Companies Act No. 07 of 2007, in case number CHC/41/2024/CO.
G K Sudath Kumar was appointed liquidator on 26 June.
Bimputh has applied to the Supreme Court for leave to appeal against that order, under application SC/HCLA No. 12/2025. That application has not been determined.
“The case is still proceeding before the Supreme Court, and the Company will update the market once there is a determination,” the company said.
What it means
The practical effect is that the liquidator is exercising the powers conferred by the winding-up order — gathering the directors’ account of the company’s assets and liabilities and reporting to the court — while the legal validity of that order is still being tested on appeal.
A successful appeal would not automatically unwind steps already taken, and the company has given no indication of when the Supreme Court is expected to rule. Bimputh said further announcements will follow any material developments.
Shares in Bimputh Lanka Investments are listed on the Colombo Stock Exchange.
