Colombo, 14 September 2026 – Anilana Hotels and Properties PLC (CSE: ANIL) has informed the Colombo Stock Exchange (CSE) that its key hotel properties in Nilaweli, Trincomalee, and Passikudah have been acquired by Sampath Bank PLC. The acquisition was executed under the provisions of the Recovery of Loans by Banks (Special Provisions) Act No. 04 of 1990, a development confirmed by Sampath Bank on 31st August 2026, with the official communication received by Anilana on 1st September 2026.
Legal Challenges and Supreme Court Appeals
In response to the acquisition, Anilana Hotels and Properties PLC has initiated robust legal action. The company confirmed that it filed two cases, bearing Nos. CHC 98/25lMR and CHC 99l25lMP, to challenge the resolution adopted by Sampath Bank PLC concerning the decision to acquire the aforementioned properties. These cases are currently pending appeal before the Supreme Court, under Case Nos. SC/HCLA/115126 and SC/HCLA/116126, underscoring the company’s efforts to contest the bank’s actions.
Compromise Proposal and Prospective Investor
Beyond the ongoing appeals, Anilana Hotels has also pursued a potential resolution through a compromise application filed under the Companies Act No. 07 of 2007. This application, designated Case No. CHC 60/2026/CO, was submitted to the Commercial High Court. Crucially, the application informs the court of a prospective investor who has presented an offer of Rs. 1.2 billion for the Nilaweli and Passikudah hotels.
The objective of this significant offer is to facilitate a compromise with Sampath Bank PLC, aiming to resolve the dispute outside of the contentious acquisition process. The Commercial High Court has acknowledged this development and has since issued notice on Sampath Bank, indicating a potential avenue for negotiations.
Outlook for Anilana Hotels
Anilana Hotels and Properties PLC has committed to transparency regarding these developments. The company stated that should a compromise be reached between Anilana and Sampath Bank in the Commercial High Court, it will promptly disclose the details to the Colombo Stock Exchange and the public. This ongoing situation highlights the financial challenges faced by the hospitality sector and the complexities involved in debt recovery processes within Sri Lanka’s legal framework.
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