Sharif family and banks directed to settle loan dispute

LHC directed parties to mutually decide terms,conditions for the payment of a Rs3 billion Sharif family loan.

LAHORE: The Lahore High Court, on Thursday, directed parties in a case – banks and the Sharif family – to mutually decide the terms and conditions for the auction of four units of the Ittefaq Group for the payment of a Rs3 billion loan taken by the Sharif family from eight banks till December 14.

Justice Umer Ata Bandial passed directions to counsel for both parties during the hearing of a petition filed by the eight banks seeking payment for loans taken over two decades ago.

The petition had been pending since 1998 and got revived when an application for early hearing was moved by the eight banks. The petitioners had asked the court to order the recovery of their loans through the auction of four units of the Ittefaq Group.

The petitioners had asked the court to order the recovery of their loans through the auction of Ittefaq Foundaries, Brothers Steel at Kot Lakhpat, Ittefaq Brothers at Shahdara and Ilyas Enterprises at Bund Road for loan payment.

Published in The Express Tribune, November 12^th, 2010.