Court orders auction of property of bank defaulter

LAHORE:A banking court on Wednesday issued orders to auction the property of a bank defaulter jeweller.

Banking Court has issued the said orders on a petition moved by Bank Al-Falah and May 17 has been fixed for the auction of the said property. The bank in its petition stated that the jeweler got a loan for business and mortgaged 10 marla property in Govt Employees Cooperative Housing Society. However, he failed to return the loan in the stipulated period. After which a decree of Rs 22.40 lakh was issued against Shamshad Jewellers for non-payment of loan. Later, the court issued the orders of defaulter’s property auction for non-payment. On Wednesday, the court auctioneer Mian Azhar Saleem Advocate presented the auction schedule which was accepted by the court for May 17.