The Lahore High Court here Monday adjourned to February 10 the hearing of a petition filed by a consortium of banks for recovery of rupees three billion by winding up of three units of Ittefaq Group owned by PML-N leaders Sharif brothers. Earlier, a court-formed committee presented its recommendations about winding up of the units and the petitioners-banks sought time from the court to review it.
National Bank of Pakistan, Habib Bank Ltd, United Bank Ltd, Zarai Taraqiati Bank of Pakistan, Muslim Commercial Bank, Picic Bank, First Punjab Mudarba and Corporate Law Authority filed the petition in 1998. The petitioners prayed to the court to order for recovery of their loan through auction of Ittefaq Foundries, Ittefaq Textile Mills and Khalid Siraj Industries as they had failed to fulfil their financial commitments made against the loan given to them.
Comments
Comments are closed for this article.