The High Court has dismissed an application by Venture Credit Union Co-operative Society Ltd seeking possession of two parcels of land and repayment of more than $45 million from a family tied to a $30 million loan.

Justice Joan Charles delivered the ruling on September 11. She dismissed the credit union’s application for judgment against Latiff and Nariman Mohammed and ordered the institution to pay the costs of the application. The matter will next be heard on November 17.

The case stems from a 2015 mortgage agreement in which Shameer and Narissa Baksh borrowed $30 million from the credit union, secured against a five-acre and a seven-acre parcel of land in Savana Grande South, Cumuto. The seven-acre property was jointly owned by Narissa’s parents, Latiff and Nariman Mohammed, who signed as sureties.