The Lahore High Court (LHC) has sought arguments on the maintainability of a suit filed by the Bank of Punjab (BoP) against PML-N President Shehbaz Sharif’s family members for defaulting on a loan of Rs730 million obtained in the name of Al-Arabia Sugar Mills.
According to the suit filed by the BoP, papers of Al-Arabia Sugar Mills measuring 799 kanals of land were submitted to the bank for the loan on the pretext of doing business while Suleman Shehbaz and Nusrat Shehbaz were guarantors.
The bank observed that the Sharif family was reluctant to return the loan amount, as all notices served to them went in vain. Let alone return the amount, the bank said, the Sharif family seemed reluctant to respond to notices.
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After exhausting all legal aspects, the bank initiated proceedings against the Sharif family, declaring them defaulters.
In the petition, the BoP apprised the court of Justice Jawad Hassan that the respondents do not appear serious in returning the loan obtained in the name of business.
It prayed the court that a decree should be passed in the favour of the petitioner.
Justice Hassan sought arguments from the petitioner’s counsel maintainability of the suit.
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