© "IN THE WESTERN PROVINCIAL HIGH COURT (IN THE CIVIL — COMMERCIAL + JURISDICTION) (HOLDEN IN COLOMBO) ( . Kj _ Case No. Tea Masters Ceylon. (Pvt) Ltd id No.115, Jawatte Road Hee [bes.]1o]ue. Colombo 05 i > Plaintiff P Vs. Bank of Ceylon RECEIVED gank © 7 YEON 2.0 JAN. 2011 DePARTMENT LEGAL OB. (Having its (principal place of business at) Bank of Ceylon Mawatha Colombo 04 - Defendant On this'.24z. day of November 2010 The ‘Plaint of the. Plaintiff “above named -appearing by its Attorneys-at-Law. .7. Purusoththaman of Spencer.and Vamer Law Office states as follows:- 4. The Defendant resides and/or have their principal place of business situate and the cause of action hereinafter after mentioned. against the Defendant arose within the territorial jurisdiction of Your Honour's Court and Your Honour has the jurigdiction to hear, and.determine this matter under the Provincial High Court (Special Provisioris) Act No. 10-6f 1998. 2. The Defendant is a, commercial: bank: incorporated by the: Bank ‘of- Ceylon Ordifiancé (Chapter, 397) having. its principal place of business at the above address and has legal capacity to sue and be Sued ints own corporate name. 3, The Plaintiff is a’ manufacturer’ of value added tea and exporter of such tea, to __ Non-traditional sources.Go ‘The Plaintift had been’ awarded with national awards for six consecutive years and copies of a few certificates obtained by the Plaintif are annexed herewith collectively marked 4. and pleaded as part and-parcel hereof ‘The Plaintiff company. is 2 company awfully incorporated under the" company laws of Sri Lanka and having its principal place of business at the above address and has legal capacity to sue and be Sued in its own corporate name, True copy of its! Incorporation Certificate is annexed herewith marked P2 and pleaded as part and parcel hereof. ‘The value addition to, the manufacture and tea exports is encouraged by the . Government because it’ brings in additional wealth:.and that would be .an. additional resource the country would aéquire by adding value to the traditional tea which is exported in bulk: This way-the tea is flavoured, packeted: and marketed to the near source'to thé end user in thie, Western and American market. ‘The Plaintiff for this purpose initially had the approval-of the, Bol that had a {foreign (American) investor/shareholder with nearly 50% of the company shares, The shareholding at time of borrowing of the relevant period is: annexed herewith marked P3., The foreign participant. had agreed with the. local investors to co-invest and to bring in US $1 Million’ and a local investor to invest a certain amount of monies. ‘And on this basis, the expansion of the.existing export project was undertaken by, the Plaintiff company’ to maintain’ an award winning level and to meet with the growing demand which was generally very big to the American Market. Due ’to'the uitexpected: break out of the ceasefire agreement in 2007 the foreign participant was scared. by the bombings and left the country and withdrew from making any investment. :17. These facts havé been revealed systematically to the Defendant Bank. by the Plaintiff ‘and Plaintif’s one of the shareholders agreed: to. invest sore more monies and partly save the Plaintiff The Plaintiff comipany has to invest the facilities taken from the Defendant and in. order to Service the Defendant's inputs further investments were needed. The Plaintiff entered into a several contracts with the Defendant Bank and true copies of offer letters are annexéd and collectively marked P4 and pleaded as. part and parcel hereof. ‘ The inputs made by the Defendant Bank were on the basis that the investment from the foreign American partner would come in. Since the total amount of the foreign investment did not.turn up, the, Plaintiff. company found out the necessity to stretch the repayment. . The Defendant was ‘holding on to and blocking a ‘Premises worth:more than Rs. 35-Million as security: Yet, the requests by the Plaintiff to reschedule the existing facilities and get additional facilities were not -. responded to or evaded by the Defendant. In spite of the’ fact that the Plaintiff was’ the winner of the national awards for consécutive years, the Defendaht'Bank withheld facilities to export and it nearly {ill the Plaintiff made alternate arrangements the exports got held up. The Plaihtif. states that given the. circtimstances stated above, the stoppages of ihe facilities suddenly to export was a commercially unreasonable act and abuse of power which amounts to.a mala-fide: The Plaintiff has given property morefully described in the Schédule hereio on a Mortgage, Bond: A true. copy of the Title Deed of the said property and.a true copy of the alleged Mortgage Bond given. are annexed marked PS and P6 and pleaded as part and parcel hereof. The properties are actually valued much more. ‘The true valuation certificates of. the properties mortgaged is hoped to be submitted in open Court marked PT and the Plaintiff humbly seeks permission of Your Honour's Court to do so. 3