The Commercial Court has reserved its judgment in a challenge by property company Treasury Holdings to NAMA's decision to call in its loans and appoint receivers to some assets.
Treasury is seeking permission to challenge the decision. It claimed there had been an absence of fair procedures and the company had had a right to be heard before the decisions were made.
It said NAMA had rejected offers from two international investors to take over the loans.
NAMA said the Treasury Holdings Group of companies was insolvent and past the point of commercial rescue. The agency said the appointment of receivers to some of Treasury's assets is more likely to lead to a better financial return for the State, than continuing to fund the group.
It said it rejected the offers from the two investment companies following a detailed evaluation.
Ms Justice Mary Finlay Geoghegan will give her decision at a later date.
NAMA adds another 35 properties to list
The National Asset Management Agency says it now has a total of 1,119 properties that are subject to enforcement action by the agency after it added 35 new properties last month.
These new properties include a mix of residential, development, commercial and agricultural assets and are located in Dublin, Galway, Limerick, Waterford, Offaly, Cork, Kildare, Laois, Tipperary and London.
They include a house in Ailesbury Road in Dublin 4, retail units in South Circular Road in Dublin city centre, units at Doughiska shopping centre in Galway, Newtown shopping centre in Limerick and the Showgrounds shopping centre in Co Tipperary.
In a statement today, NAMA repeated that its ''overriding mandate'' is to obtain the best achievable return for the taxpayer. It said that it has assessed over 600 debtor business plans and that an enforcement approach is adopted only after all other options have been considered.
