Court orders auction of MPA assets in bank loan default case

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

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

The court issued the order on a loan recovery action filed by a private bank.

The bank’s lawyer argued that the defendant MPA obtained a loan of 20 million rupees and mortgaged a property in Sialkot measuring 30 kanal six marla. He further stated that the defendant defaulted (PMLN MPA) on the loan and avoided legal proceedings.

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

The court cleared the bank’s suit and appointed lawyer Rana Abdul Mannan as the court’s auctioneer to conduct the auction of the property to repay the bank loan.

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