At the High Court yesterday Mr Justice David Keane granted Mr Stokes permission, under the 2009 Nama Act, to seek to bring an action against Nama and its subsidiary, the National Asset Loan Management Agency (Nalm) and the receiver appointed by them over the lands at Inchanappa, Siobhán O’Dwyer.
The application was granted on an ex-parte basis.
In his action, Mr Stokes seeks various declarations including that Nama’s decision to appoint Ms O’Dwyer as receiver over the lands is void and of no effect.
Represented by Bernard Dunleavy, Mr Stokes says he does not accept the property over which the receiver was appointed is a bank asset because there is no valid security over it.
Mr Stokes says he does have other borrowings originally from AIB transferred to Nama in 2011.
There is security over lands in Co Wicklow and elsewhere in respect of these borrowings and receivers have been appointed.
Those lands are the subject of other proceedings.
Mr Stokes, of Inchanappa House, Ashford, Co Wicklow, says there is no security over the lands the subject of his proceedings.
He says he entered into agreements with another party called HCW to develop those lands, located at Inchanappa, in 2003 and 2007.
In February 2007, he entered into a building licence agreement with the developers in respect of the lands and on the same day entered into a third-part mortgage with AIB in respect of the developers’ interest in the land.
The developers he said entered into a mortgage with AIB simultaneously.
The third-party mortgage he said was associated with the building licence agreement.
In his proceedings, Mr Stokes seeks a declaration that the appointment of the receiver is invalid as well as an injunction pending the final outcome of the case restraining the receiver from selling the lands.