As a result, an application for an injunction in relation to the matter is expected to go ahead tomorrow.
The proceedings by Glenkerrin Properties Ltd and Glenroyal Leisure Ltd, companies owned by developers Ray and Danny Grehan, have been taken against NAMA and accountants Paul McCann and Michael McAteer, who were appointed receivers to the Glenroyal Hotel and Leisure Centre, Maynooth, last month.
The companies allege there is no lawful basis for the appointment of a receiver or receiver/manager and they are seeking injunctions restraining the receivers from operating the businesses.
They claim the receivers appear to be contemplating selling the businesses but have not consulted with the directors of the companies about it. It is also claimed that Ray Grehan has been specifically excluded from property of the companies.
They also claim no security over the businesses of the hotel and leisure centre permitted NAMA to appoint a statutory receiver or receiver/manager and say NAMA was informed of this by solicitors for the companies on May 3.
It is claimed NAMA appointed the receivers in relation to security allegedly provided by the two companies to Allied Irish Banks under a mortgage deed of December 2002.
There was no power under that deed to appoint the receivers, the companies claim, and so their appointment is invalid.
The companies had sought undertakings from NAMA to stand down the receivers by May 12, but NAMA declined to provide those undertakings.
A suggestion by solicitors for NAMA that the receivership was limited to secured property only, and that the receivers were not running the hotel and leisure centre conflicts with the reality, the companies claim.
Last week, the High Court heard the parties agreed to enter talks to try to resolve the matter.
Yesterday, Mark Sanfey SC, for Glenkerrin, said the talks had “not borne fruit” and it was hoped that a hearing of the injunction application could take place tomorrow. Paul Gallagher SC, for NAMA, said his side were happy with this suggestion.
Mr Justice Roderick Murphy adjourned the matter to tomorrow.