I think it is huge blow to democracy that the President could take sides and cancel the elections. Whatever the problem is, the SLC should have shown the maturity to resolve it instead of involving half the government.
Well, the President only acted on the matter after Arjuna Ranatunga and a few other players went to him and asked him to. In the past, the SLC hasn’t exactly earned fame for its maturity. Most of the members’ time was spent attacking their rivals and the board had more or less stopped working in recent months. So I think this is a good move.