DEVELOPER GERRY Conlan has been ordered by the Commercial Court to repay €26.2 million to Allied Irish Banks arising from an unpaid loan made to him, businessman Philip Lynch and members of Mr Lynch’s family to buy development lands in Waterford.

A stay on that judgment order against Mr Conlan was imposed by Mr Justice Michael Peart pending the outcome of an appeal to the Supreme Court by Mr Lynch and his family against similar judgment orders made against them. The enforcement of those orders has been stayed pending that appeal.

John Hennessy SC, for AIB, said the sides had agreed to the limited stay on conditions pending the determination of the Lynch’s appeal.

Rossa Fanning, for Mr Conlan, said he wished to stress Mr Conlan was not consenting to the €26.2 million judgment but recognised, given the court’s decision in the Lynch case, it would be futile to have a trial of the matter.

Mr Conlan would be filing a notice of appeal against the judgment order in his case but would not move to prosecute that appeal pending the outcome of the Lynch appeal, counsel added.

The proceedings arise from a €25 million loan made by AIB in February 2007 to the Lynchs and Mr Conlan to buy lands.