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Summary Sharif family had taken loan and mortgaged the mills, lawyer told LHC.
LAHORE (Dunya News) – The Lahore High Court (LHC) has on Monday ordered the auction of Sharif family’s Ittefaq Textile Mills which will be held on December 15.
It was told to the court by private bank’s lawyer that the owners took loan from the bank and had mortgaged the mills. The mill was declared defaulter when Sharifs failed to clear the payment.
A decree was also issued in 2016 against the defaulters, and Rs11 crore are still not paid, said the counsel. The lawyer then requested the court to auction the mills which was upheld.
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