Pakistan

Court orders MPA’s property auction in bank loan default case

LAHORE: A banking court has ordered an auction of a property owned by PML-N MPA Arshad Javed Warraich to recover a Rs 20 million bank loan defaulted by him.

The court fixed September 5 for the auction of the property and appointed an auctioneer.

The court passed the order on a loan recovery suit filed by a private bank.

The bank counsel contended that the defendant MPA had obtained a loan of Rs20 million and mortgaged property in Sialkot measuring 30 kanal six marla. He further said that defendant defaulted (PMLN MPA) on the loan and had been avoiding the legal procedure.

He requested to order the auction of the mortgaged property of the defendant so that amount of the loan could be recovered.

The court allowed the bank’s suit and appointed Advocate Rana Abdul Mannan as a court’s auctioneer to conduct the auction of the property to pay the bank loan.

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