REPUBLIC vs. NON-PERFORMING ASSETS RECOVERY TRUST; EX PARTE BANK FOR HOUSING & CONSTRUCTION

JUDGMENT OF CHARLES HAYFRON-BENJAMIN JSC Charles Hayfron-Benjamin JSC delivered the first ruling at the invitation of Aikins JSC. On 22 May 1996 consequent upon an application by the Bank for Housing and Construction invoking our supervisory jurisdiction in the matter of a ruling by the Non-Performing Assets Recovery Tribunal made on 14 December 1995, the Non-Performing Assets Recovery Trust (hereinafter referred to as the trust) filed a “notice” that at the hearing of the instant application, the trust by their counsel will raise no fewer than fourteen preliminary objections. It is difficult to deduce from these general objections which of them were really such preliminary objections as would induce the court to dismiss the application in limine. However, it was contended that the application was misconceived. In the main, the trust having tried to make capital of the provisions of the Non-Performing Assets (Loans, Investments) Recovery Law, 1990 (PNDCL 242) concluded by par...