ISLAMABAD:The Supreme Court of Pakistan on Thursday accepted Bahria Twon’s offer to submit Rs460 billion in settlements for its Karachi project.
The development came as a three-judge bench of the apex court headed by Justice Sheikh Azmat Saeed Sheikh haired the case pertaining to real estate company.
Bahria Town will have to pay the amount during next seven years after payment of Rs25 billion down-payment till August 27.
It will submit Rs2.5 billion monthly during the first four years and the outstanding amount will be paid in the next three years.
According to the Supreme Court, Bahria Twon will start paying the installments from September this year.
It will have to pay 4 percent mark up in case of delay in payment of installments which would be submitted with the apex court.
The court will then transfer the money whoever Bahria Twon owes it to.
The Supreme Court said that Bahria Twon director will have to submit an affidavit to the court regarding the payment.
The Supreme Court also stopped the National Accountability Bureau from filing further references against Bahria Town and directed the ant-graft body to approach the court before filing any references in the future.