LHC orders for auction of sugar mills property to repay bank loan

LAHORE: The Lahore High Court (LHC) on Tuesday ordered for completing auction of a property related to Haseeb Waqas Sugar Mills, owned by a cousin of former prime minister Nawaz Sharif, for payment of millions of rupees loan, borrowed from the Bank of Punjab.

The court directed the court-auctioneer to hold an auction of mills’ property measuring 3 kanals and 16 marlas of land situated at MM Alam Road, Lahore and furnish a report by Sept 12.

The LHC was hearing a petition, filed by the Bank of Punjab (BoP), against Haseeb Waqas Group over non-payment of loans, acquired from the bank. The bank, through its counsel, pleaded that the mill owners borrowed by pledging the original documents of the property, owned by the mills. However, the owners failed to pay back Rs310.37 million loan later on and a banking court issued a decree against the mill owners in this regard.

He pointed out that the mill owners were reluctant to return the bank loan; therefore, a direction might be issued for holding auction of the mill property situated at MM Alam Road.

After hearing arguments and objections from all sides, the court directed the court-auctioneer (a lawyer) to complete the process and submit a report to this effect.