LHC orders auction of Ittefaq Textile Mill for bank loan default
LAHORE: In another blow to the Sharif family, the Lahore High Court (LHC) on Monday ordered auction of Ittefaq Textile Mill to recover the amount owed by the family to a private bank, ARY News reported.
A private bank had filed a petition before the court for the public auction of the mill after the members of Sharif family failed to pay loans worth Rs110 million.
Justice Shahid Karim of the LHC heard the petition.
At the outset of court proceedings, counsel of the bank presented his arguments and informed the bench that owners of the Ittefaq textile mill had taken loans for business purposes after mortgaging the mill built on 27 Kanal (around 3.8 acres) of land.
He said Mian Yousaf Aziz, Mian Haroon Yousaf, Mrs Kausar Yousaf, Mrs Ayesha Haroon, Mrs Saira Farooq and Muhammad Sadiq were failed to pay the loans despite appointing a guarantor.
The mill was declared loan defaulter back in 2000 and the owners were ordered to pay loans worth Rs253.364 million under a court decree in 2016. Subsequently, Rs117.369 millions were paid in wake of the court orders, the petitioner’s counsel said.
A staggering loan amount of Rs110.095 was still in pending, the bank counsel said while pleading the court to announce a public auction for recovery of the remaining amount of loan.
Later, the court ordered public auction of the mill on December 15.