Justice Shahid Karim of the Lahore High Court has ordered the public sale of 5 properties belonging to Amin Ittefaq Rice Mills. Which has been declared a financial institution Bank Defaulter. The courtroom has scheduled the auction for June 28.
In the petition, Bank Alfalah detailed that Amin Ittefaq Rice Mills had obtained a loan by mortgaging five properties, totalling seven canals and 16 marlas. Muhammad Deen, Hussain, and Maqbool guaranteed the loan. In 2018, authorities declared Muhammad Deen and the other guarantors defaulters. Despite a court decree from the Lahore High Court ordering the payment of Rs. 164,044,000, the defaulters failed to settle the debt. Consequently, Bank Alfalah requested the court to reserve the auction of the mortgaged residences to improve the splendid quantity.
The courtroom responded to this request by ordering the auction and appointing courtroom auctioneer Mirza Waqas Baig Advocate to give the public sale schedule. According to the court order. Auction Scheduled for June 28 to Recover Loan Amount.
Court Orders Auction of Defaulter’s 5 Properties
This ruling came after Bank Alfalah argued that Amin Ittefaq Rice Mills had secured the loan against five properties. Despite multiple notices and a court decree, the defaulters had not made any payments. The bank emphasized that the guarantors, Muhammad Deen, Hussain, and Maqbool. Were legally bound to ensure the loan repayment but failed to fulfil their obligations. As a result, the bank sought the court’s intervention to auction the mortgaged properties and recover the loan amount.
Court auctioneer Mirza Waqas Baig Advocate submitted the auction schedule according to the court’s directive. The auction will take place on June 28, during which bidders will compete to purchase the residences. The proceeds from the sale will be used to settle the outstanding debt of Rs. 164,044,000 owed via Amin Ittefaq Rice Mills to Bank Alfalah.
This choice highlights the criminal measures Bank Defaulter can take to get better loans from defaulters. By ordering the auction of the defaulters’ mortgaged houses. The courtroom goal was to make certain that financial establishments could get better their loans and preserve economic stability.
