The High Court has lifted its order of status quo on the transfer of Italian-Thai company's shares in Dhaka Elevated Expressway to China's Sinohydro Corporation Limited.

A HC bench of Justice Khizir Ahmed Choudhury passed the order on Sunday after hearing arguments from lawyers of both companies on a petition of Italian-Thai company.

There is no legal bar to transfer the shares of Italian-Thai company in Thailand to China's Sinohydro Corporation Limited in Dhaka Elevated Expressway, the Chinese company's lawyer Mohammad Mehedi Hassan Chowdhury told The Daily Star last night.

He said the HC order paved the way for resumption of the construction of Dhaka Elevated Expressway.

Now the Italian-Thai Company will transfer its shares to Chinese company and then the Chinese company will resume financing in Dhaka Elevated Expressway, he said.

The court said the dispute between the Thai and Chinese companies regarding debts will be settled by the arbitration court of Singapore, Barrister Mehedi Hassan Chowdhury, also an additional attorney general, added.

Contacted, Imtiaz Farooq, the lawyer for Italian-Thai company, said he did not know about the HC order specifically as he is yet to receive its full text.

He said his client has filed a petition with the Supreme Court challenging the HC order.

Yesterday, Justice M Enayetur Rahim, chamber judge of the Appellate Division sent the Italian-Thai company's petition to its full bench for hearing on the matter next Thursday.

He also asked the lawyers of the companies to ensure that the shares are not transferred until further order of the apex court.