Mill owners barred from selling assets

LAHORE: The Lahore High Court on Tuesday restrained owners of a sugar mill from selling the mills’ properties until decision of a loan recovery suit of Bank al-Falah.

The bank in its suit contended that the mills’ owners/directors had obtained loan against the mortgaged of 2,017,400 sugar bags of 50kg each in year 2013. It said the directors, including Tariq Shafi, Javed Shafi, Ibrahim Tariq, Zahid Shafi, Ali Pervez, Hasnain Tariq Shafi, Mian Pervez Shafi and Khalida Pervez had also submitted their personal sureties for the loan. However, the mills defaulted on the loan and the bank filed the suit for a decree of Rs640.5 million.

Advocate Shahzada Mazhar represented the bank and requested the court to restrain the respondents from selling out their properties. He said there was an apprehension that the respondents might dispose of the mill’s properties without paying back the loan as they enjoyed political influence.

Justice Muzammil Akhtar Shabbir allowed the request and restrained the respondents from selling and transferring the possession of the properties in question until final decision of the loan recovery suit.