An application aimed at preventing the completion of the sale of Irish Life to Canadian firm Great-West, the parent company of Canada Life, for €1.3bn has been dismissed by the Supreme Court.

A director of Permanent TSB has described as “an egregious breach of court process” a court bid by the bank and a group of directors to prevent any action aimed at disqualifying any of the directors from involvement in the management of a company.

The High Court has cleared the way for the completion of the €1.3bn sale of Irish Life and Permanent’s life assurance business, the Irish Life Group, to the finance minister.

The High Court has cleared the way for the €1.3bn sale of Irish Life and Permanent's life assurance business, the Irish Life Group, to the Minister for Finance.

The proposed €1.3bn sale of Irish Life and Permanent’s life assurance business, the Irish Life Group, to the Minister for Finance undervalues the company’s “crown jewels”, it was claimed before the High Court yesterday.