SHC summons Faisal Vawda over unpaid loan
As Saudi Pak Leasing Co files a plea against the water resources minister
Federal Minister for Water Resources Faisal Vawda. PHOTO: FILE
KARACHI:
The Sindh High Court (SHC) summoned the Federal Water Resources Minister Faisal Vawda, his father, Umar Vawda and Sher Noor Khan on Thursday over a plea related to the sale of property of more than Rs120 million to recover loans. Saudi Pak Leasing Co filed a plea against Faisal, Umar and Sher for not returning the loan taken for business purposes.
The company argued that Umar had taken out a loan of Rs35 million in 2006. Faisal and Sher were the guarantors of the contract. Under the contract, Umar had to pay more than Rs50 million. He first pledged Faisal’s property and then pledged Sher’s property by drawing Faisal’s property in 2007.
The company claims that Faisal and his father Umar were refusing to pay back the loan. The company has sent several legal notices between 2015 and 2018 and tried all other ways to ensure repayment, stated the petition, adding that the court should allow the company to sell the pledged plots, 2C and 4C, in DHA Phase V. If the response is not submitted, the court will announce the verdict according to the records available.
Published in The Express Tribune, April 19th, 2019.
The Sindh High Court (SHC) summoned the Federal Water Resources Minister Faisal Vawda, his father, Umar Vawda and Sher Noor Khan on Thursday over a plea related to the sale of property of more than Rs120 million to recover loans. Saudi Pak Leasing Co filed a plea against Faisal, Umar and Sher for not returning the loan taken for business purposes.
The company argued that Umar had taken out a loan of Rs35 million in 2006. Faisal and Sher were the guarantors of the contract. Under the contract, Umar had to pay more than Rs50 million. He first pledged Faisal’s property and then pledged Sher’s property by drawing Faisal’s property in 2007.
The company claims that Faisal and his father Umar were refusing to pay back the loan. The company has sent several legal notices between 2015 and 2018 and tried all other ways to ensure repayment, stated the petition, adding that the court should allow the company to sell the pledged plots, 2C and 4C, in DHA Phase V. If the response is not submitted, the court will announce the verdict according to the records available.
Published in The Express Tribune, April 19th, 2019.