A challenge by Treasury Holdings to the appointment by the National Assets Management Agency of receivers to certain property assets will be heard on 21 February.

Lawyers for Treasury told the High Court this afternoon that they had agreed a timetable for the exchange of documents with NAMA lawyers subject to an early hearing of the case.

Senior Counsel Michael Cush also told the court that KBC Bank and the Irish Bank Resolution Corporation were to be joined to the proceedings as well as Ireland and the Attorney General.

He said constitutional issues were part of the reliefs sought by Treasury in the proceedings.

The court was also told that the parties had agreed "certain undertakings".

It is understood these relate to what the receivers can and cannot do before the resolution of the court proceedings.

The receivers have now taken up their positions.

The court was told that both sides regarded the case as one of some urgency.

Lawyers for NAMA said they had been instructed to put on the record that NAMA received an unequivocal undertaking from Treasury Holdings that Treasury would not challenge the appointment of receivers if NAMA agreed to a two-week standstill period.

Lawyers for Treasury said they did not agree with that statement.

It is understood proposals were made to NAMA during the two weeks since 10 January.

NAMA evaluated them and decided not to proceed with them.

Treasury Holdings says it had assembled investors who were prepared to buy the property loans at a higher price than they were purchased by NAMA.

The assets include the Ritz Carlton Hotel in Enniskerry, property in Stephen's Green, Ballymun and the Docklands.

Lawyers for Treasury went into court yesterday evening to begin proceedings against NAMA challenging the appointment of the receivers.