Verdict reserved in Hyatt case

ISLAMABAD:

The Islamabad High Court (IHC) on Tuesday reserved its verdict in a case concerning the cancellation of the lease of the multi-storey Grand Hyatt building located in the Red Zone. The court reserved judgement after hearing arguments from all parties.

During the proceedings, counsel for the Capital Development Authority (CDA) submitted that, to date, BNP Group had paid only Rs2.9 billion out of the total Rs17.5b due. He further informed the court that 240 apartments and commercial units had already been sold to third parties.

The hearing was conducted by Chief Justice Sardar Sarfraz Dogar. Representing the CDA, Advocate Kashif Malik argued that despite the lapse of 21 years, the outstanding payments had not been settled.

Apartments in the Grand Hyatt are reportedly owned by several prominent figures.