🏛️ Court Halts Asset Disposal by Blue Ocean Group Entities

The Commercial High Court of Colombo has issued interim injunctions against Blue Ocean Legand Ltd, Blue Ocean Waves, and Link Engineering—all affiliates of the prominent real estate & construction developer, Blue Ocean Group. • The Dispute: Action was filed by Horton Realty Ltd regarding a master agreement for 13 apartment units in a Colombo 03 condominium project valued at approximately Rs. 477.9 Mn. • Financial Terms: The deal involved a debt set-off of Rs. 277 Mn and Rs. 191 Mn in lieu of steel supplies from an affiliate, G.T.B. Steel Ltd. • Court Ruling: The injunction prevents the defendants from terminating the Sale and Purchase agreement or alienating/selling the units to third parties. • Context: The Plaintiff alleged the group failed to meet contractual obligations and threatened to dispose of the units. Sector Impact: This legal development highlights ongoing transparency and contractual risks within the property development and construction sectors, critical for investor confidence in Sri Lanka's high-end residential market.