Court orders auction of properties

LAHORE:A banking court on Friday ordered auction of properties of bank defaulters on January 4.

The court sought auction report from court auctioneer in first week of January. The banking court No 6 ordered auction of Khalid Manzoor and Rahat Manzoor property on the request of a bank. The bank's counsel contended that Khalid Manzoor and his wife had taken a loan by mortgaging one kanal, 7 marla property in Ferozewala while a degree of Rs2,373,760 had been issued against defaulters for non-payment. The bank requested the court to auction the property for non-payment. On the court order, court auctioneer Sajid Munawar Qureshi presented the schedule for auction on which the court fixed January 4 for auction of property.

Meanwhile, the banking court No 3 fixed the same date January 4 for the auction of 18 Marla property on Circular Road of Rehan Malik and other owners of a trading company. The court ordered auction of defaulter's property at the bank’s request. The bank's counsel argued that the trading company had taken a loan by mortgaging 18 Marla property on Circular Road and Farhan Malik, Jamshed, Noman, Tariq and others had given guarantee for the loan but didn’t pay the loan. Owners were declared defaulters. Decree has been issued against the company for non-payment, but despite that the defaulters had not paid the amount of Rs17.42 million. Court Auctioneer Chaudhry Shahbaz Advocate presented the schedule for property auction on the court order on which the court after the objections and arguments of the parties ordered the auction of the property of the defaulters by January 4.