CHIEF Justice Ian Chang has granted four plaintiffs of Subryanville, Georgetown, who are locked in a court battle with the Bank of Nova Scotia, an injunction restraining the bank from selling, or causing to be sold, the plaintiffs’ Subryanville, Georgetown property. The plaintiffs were represented by their agent, Jagdish Ramlochan.

The injunctive order is the result of a writ filed against the Bank, seeking among other things, 7 declarations and an injunction restraining the bank from selling the property at Lot 38, Second Avenue, Subryanville.

Upon reading the ex-parte application by way of affidavit on the part of Jagdish Ramochan, sworn to on October 4, 2012  on the  part  of the abovenamed plaintiffs herein, and filed on October 4, 2012, the Chief Justice declared as follows: “IT IS ORDERED that the defendant, whether by itself, its servants and/or agents or workmen, or otherwise whomsoever,  howsoever (be prevented) from selling  or causing to be sold the plaintiffs’ property at Lot 38 Second Avenue, Subryanville, Georgetown, more fully described in Transport No.  872 of 1988, dated the 7th of August, 1988, until the hearing and determination of a summons returnable for the 18th October, 2012 at 1.30 p.m.”

One of the declarations sought was that the  purported advertisement for the sale of Lot 38 Second Avenue, Subryanville, the property mortgaged by the plaintiffs to the defendant,  as advertised in the Stabroek News newspaper of the 1st October 2012, is unlawful.

Another declaration is that the defendant acted unlawfully by instructing a receiver to invite persons to submit sealed and written bids for the sale of Lot
38 Second Avenue, Subryanville, Georgetown without taking proceedings in the High Court against the debtor, to enforce the security given by the plaintiffs by way of  mortgage No. 22 of 2010, dated the 6th  of January, 2010 on the said immovable  property.  

The plaintiffs, who are seeking damages in excess of $80,000, are contending that they are the legal and beneficial owners of east half of Lot 38 Second Avenue, Subryanville, Georgetown.

Sometime in August/September 2009, the plaintiffs, through their attorney, entered into negotiations with the defendant to borrow the sum of $20M.

By letter dated 2nd   September 2009, the defendant wrote to the duly constituted attorney of the plaintiffs, outlining the terms and conditions of the “loan facility”. The said letter did not state that there would be included in the mortgage deed a provision for the appointment of a receiver with authority to sell the plaintiffs’ property.

On the 6th January, 2010, the plaintiffs caused to be executed a first mortgage in favour of the defendant for the sum of $20M – No. 22 of 2010 on the said Lot 38 Second Avenue, Subryanville, Georgetown.

Authorised Agent Jagdish Ramlochan, of the plaintiffs, said in his affidavit that he has been informed by the Attoney Oswald Ambrose Gouviea that only the sum of approximately $12M was paid to the plaintiffs under the said mortgage, out of the $20M for which the said mortgage was executed; and to date, a sum in excess of $3M was paid to the defendant in repayment of the said mortgage.

According to Agent Ramlochan, the affidavit was drawn on his instructions by Mr. Rex Mc Kay, S.C., and Ms. Jamela A. Ali, Attorney-at-Law.
The mater has been adjourned to October 18, 2012.