Rs120 million loan recovery: SHC issues notices to Vawda

KARACHI: The Sindh High Court has issued notices to Federal Minister for Water Resources Faisal Vawda, his father and others on a lawsuit filed by leasing company for recovery of Rs.120 million against a finance facility.

The plaintiff, Saudi-Pak Leasing Company, filed a lawsuit in SHC against Mohammad Omer Vawda, his son Faisal Vawda and Sher Nawaz Khan for recovery of its finance facility defaulted by the defendants. The counsel submitted that Mohammad Omer Vawda had approached the leasing company for finance facility on mark-up basis to extent of Rs35 milllion on mark-up basis. He submitted that the defendant also executed a promissory note and undertook to pay a total sum of Rs50 million in mid 2006.

He submitted to secure the various finance facilities provided by the plaintiff, defendant Faisal Vawda also mortgaged immovable properties bearing plot 2-C and 4-C at Khayaban-e-Tauheed, Phase V, DHA, as continuing collateral. The counsel submitted that a sum of Rs.122,892,527 remains unpaid. He said despite several reminders the defendants continue to default on payment of the installments.

The court was requested to pass a decree against all defendant in sum of Rs.120 million and order attachment and sale of immovable mortgaged properties of defendants to adjust the decretal amount payable by the defendants.