ProPropertyNewsCourt Orders Auction of Mortgaged House for Loan Defaulter

Court Orders Auction of Mortgaged House for Loan Defaulter

LAHORE: In a recent development, the banking court issued an order for the auction of a defaulter’s property by August 4, following a request from the bank.

The court took this decision after considering the case of Tamiz Begum, a resident of Gulshan Ravi, who had obtained a loan under the name of Hamza Transportation.

As collateral for the loan, an 8 Marla house located in Gulshan Ravi was mortgaged.

However, due to failure in repaying the loan, Tamiz Begum was declared a defaulter by the bank.

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Subsequently, the bank’s lawyer approached the court, requesting the auction of the mortgaged property to recover the outstanding debt.

In compliance with the court’s directive, the court auctioneer, Jazeb Sindhu’s advocate, presented the property valuation report and the auction schedule.

As a result, the court has set the date for the auction as August 4.

Source: The News

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