Loan recovery: Ittefaq Textile Mills to be auctioned on Dec 15

LAHORE: In pursuance of a Lahore High Court order, a court-appointed auctioneer has issued schedule for the auction of Ittefaq Textile Mills, owned by close relatives of the Sharif family, to settle an outstanding loan borrowed from a bank.

The LHC had allowed auction of the mortgaged land in 2012 after the mills was declared defaulter and the auction proceedings are still pending before Justice Shahid Karim. The Muslim Commercial Bank had filed suit against the mills for recovery of loan of Rs250 million.

As per a public notice pasted on the court’s premises and the property in question, the auction would be held on Dec 15 at the site measuring 27.05 kanals situated at 48-km Multan Road. The high court had allowed auction for the recovery of around Rs110 million to clear default of a loan Rs250 million secured against the mortgage of the property. The remaining amount has already been paid by the mills and its owners.