BOC obtains right to sell Dholhiyadhoo Resort if loan isn’t paid

Civil Court has granted Bank of Ceylon (BOC) the right to sell Dholhiyadhoo Resort if it fails to repay USD 11 million (MVR 169 million) in loan payment and interest within the next 7-month period.

Civil Court made the ruling following a lawsuit filed by BOC over an unpaid loan taken with the Dholhiyadhoo resort as collateral.

The USD 8 million loan taken from BOC had accumulated into a total of over USD 11 million by February, 2016 after taking into account the interest.

Court has granted BOC the right to sell off the resort if the amount isn’t paid within the next 7 months.

Dholhiyadhoo was also listed as collateral for a loan taken from Bank of India. The bank was also granted the right to sell off the resort due to the loan being unpaid.