AN application to have an examiner appointed to companies involved in the ownership of 13 acres of land in Dundrum, Co Dublin, was withdrawn in the High Court yesterday.

Part of the land, 5.7 acres is the subject of threatened CPO proceedings regarding the Dundrum bypass.

The petitioners were Mr Aidan Kelly, Rathfarnham, Co Dublin; and Manderley Holdings Ltd, the shareholders of Suresun Ltd, Upper Fitzwilliam Street, Dublin.

The company has shares in Cabriole Construction Ltd, Dundrum Property Investment Company Ltd, and Dalehall Property Company Ltd. A receiver was appointed before the petition for the examiner was lodged.

Yesterday, Mr Bill Shipsey SC, for the petitioners, said the petition was not going to go on. The petitioners had decided there was now no longer a prospect of survival of the companies. Discussions had taken place with parties interested in developing the land but had been unsuccessful.

Mr Shipsey said they were withdrawing very regretfully, particularly in the case of Mr Kelly, as it was a project he had been involved with for 20 years.

Mr John O'Donnell, counsel for ACCBank, said his client was owed in excess of £5 million and at all stages was opposed to the petition. He was seeking an order for costs. Mr Ian Finlay SC, for the receiver, also asked for costs.

The Revenue Commissioners and another company, Don Lay, owed £1 million, made similar applications.

Mr Shipsey said the parties were protecting their own interests. Besides Manderley and Suresun the three other companies had the land assets and were captured in any event. The bank and the receiver were entitled to the costs of the receivership.

Mr Justice Murphy said he would make no order as to costs, particularly as the application was withdrawn. There was no contract. The whole basis of the application was that the petitioner contended that assets valued at £4 million might be worth at least twice that amount if planning permission was obtained and matured. If that had happened they would pay off ACCBank and it would have contributed to paying off Don Lay.