NAMA is to make a new decision on whether or not to acquire the €2.1 billion in loans relating to businessman Paddy McKillen in the next two weeks.

This follows the Supreme Court ruling last week that the agency had not made a valid decision to acquire the loans because the decision was made by an interim team before NAMA was set up in December 2009.

Lawyers for Mr McKillen indicated they may mount a new legal challenge to any new decision by NAMA.

The Supreme Court this morning heard submissions on whether remaining issues in Mr McKillen's challenge to NAMA could be ruled on by the Court.

It was told that NAMA believed the remaining issues should be ruled on as otherwise there would be ongoing uncertainty about the power and status of NAMA.

However, lawyers for NAMA said they believed the court should postpone making a ruling on the remaining issues until the agency had made its new decision relating to Mr McKillen.

The court heard the board of NAMA would convene a special meeting in the next two weeks to make a new decision.

Lawyers for Mr McKillen indicated they may return to the High Court to mount a new challenge to any new decision.

Under the terms of the European Commission's approval of NAMA as a form of acceptable state aid, the agency must acquire all loans by the end of this month.

However, the court was told that NAMA had made contact with the Commission and the Commission was likely to accommodate an extension of this period for Mr McKillen's loans and other loans which were 'in suspense' pending the outcome of the court proceedings.

After a short adjournment, the Court ruled that one of the three remaining issues in Mr McKillen's appeal was no longer relevant.

But it decided it would make a decision on the other two issues - whether fair procedures were followed by NAMA, and if not was that constitutional; and whether the definition of eligible bank assets in the NAMA legislation was so broad as to be unconstitutional.

The court did not give any indication as to when it would deliver its judgement.