Four appeals by the directors of Bula Ltd (in receivership), challenging the High Court order for the sale of the Bula lead and zinc mine at Nevinstown, Co Meath, were rejected by the Supreme Court yesterday.

The appeals were brought in the names of Bula, Bula Holdings and two directors, Mr Richard Wood and Mr Michael Wymes.

Mrs Justice Susan Denham, giving the court's decision, said Mr Wymes was the moving party in the overall litigation which had a long history.

Large sums of money were borrowed, but difficulties occurred and the banks called in the loans in 1982. In 1985 the banks appointed Mr Laurence Crowley as receiver over the ore body.

In February the Supreme Court dealt with three appeals by Bula, Mr Wood and Mr Wymes in which it rejected a submission that the banks were outside the time limit for making their claims. When a receiver was appointed in 1985 the banks were owed €17 million. The sale of the mine would only partially discharge the debt which has now risen to over €76 million.

Yesterday, Mrs Justice Denham said she had "perhaps been too indulgent" of the appeals by Bula directors by dealing with them at some length. Three of the four appeals before the court were moot. She was satisfied that the directors had no ground on which to succeed in any of the appeals.

An action brought by the Bula directors against the banks, which has been 17 years in being, has not yet come to trial.