The Lahore High Court here Tuesday ordered auction of "Accord Textile Mill" of former federal minister Khalid Kharal to clear the bank liabilities. The court issued this order in a petition of Habib Bank seeking recovery of Rs 250 million loan sanctioned to the mill but never returned.
The mill administration had requested the court that the auctioned price of the mill should be at least Rs 500 million, however, the bank pleaded that the market value of the mill was not even half of that price. The court allowed the bank to auction the mill as per market price. Auction will be held on April 16.