{"id":10719,"date":"2023-02-02T12:31:33","date_gmt":"2023-02-02T07:31:33","guid":{"rendered":"https:\/\/propakistani.pk\/proproperty\/?p=10719"},"modified":"2023-02-02T12:31:33","modified_gmt":"2023-02-02T07:31:33","slug":"pac-asks-nab-to-investigate-capitals-grand-hyatt-hotel-payment-default","status":"publish","type":"post","link":"https:\/\/propakistani.pk\/proproperty\/pac-asks-nab-to-investigate-capitals-grand-hyatt-hotel-payment-default\/","title":{"rendered":"PAC Asks NAB to Investigate Capital&#8217;s Grand Hyatt Hotel Payment Default"},"content":{"rendered":"<p>ISLAMABAD: The refusal of a real estate company to pay the Capital Development Authority (CDA) installments totaling Rs. 17 billion against a leased plot auctioned by the civic agency in 2005, the Public Accounts Committee (PAC) has asked the accountability watchdog to look into this high-profile case.<\/p>\n<p>As per the details, Noor Alam Khan, the chairman of the PAC, asked Aftab Sultan, the head of the National Accountability Bureau (NAB), to look into the non-payment of Rs. 17 billion by M\/S. BNP Limited.<\/p>\n<p>The company recently stated that it was unable to pay the outstanding installments on the lease intended for the construction of the Grand Hyatt Hotel.<\/p>\n<p>The sources informed that the construction business replaced the hotel with high-rise residential buildings named ONE Constitution Avenue.<\/p>\n<p>Furthermore, the PAC chairman said that he had learned that the firm had refused to pay the CDA billions of rupees due to a shortage of money.<\/p>\n<div style=\"clear:both; margin-top:0em; margin-bottom:1em;\"><a href=\"https:\/\/propakistani.pk\/proproperty\/one-constitution-avenue-developer-offers-commercial-land-to-settle-pending-litigation\/\" target=\"_blank\" rel=\"dofollow\" class=\"uc3d11e8d123b1e9ead9adde49b3d847b\"><style> .uc3d11e8d123b1e9ead9adde49b3d847b { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#2C3E50; border:0!important; border-left:4px solid #F1C40F!important; text-decoration:none; } .uc3d11e8d123b1e9ead9adde49b3d847b:active, .uc3d11e8d123b1e9ead9adde49b3d847b:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .uc3d11e8d123b1e9ead9adde49b3d847b { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .uc3d11e8d123b1e9ead9adde49b3d847b .ctaText { font-weight:bold; color:#F1C40F; text-decoration:none; font-size: 16px; } .uc3d11e8d123b1e9ead9adde49b3d847b .postTitle { color:#eaeaea; text-decoration: underline!important; font-size: 16px; } .uc3d11e8d123b1e9ead9adde49b3d847b:hover .postTitle { text-decoration: underline!important; } <\/style><div style=\"padding-left:1em; padding-right:1em;\"><span class=\"ctaText\">ALSO READ<\/span>&nbsp; <span class=\"postTitle\">One Constitution Avenue Developer Offers Commercial Land to Settle Pending Litigation<\/span><\/div><\/a><\/div>\n<p>It is to note that the corporation was expected to give the CDA Rs. 2.9 billion in 2022, but instead of depositing the money, it gave the CDA a plot.<\/p>\n<p>Besides, it is worth noting that the M\/s BNP project &#8220;One Constitution Avenue&#8221; has also been broiled in controversy since the land was put up for sale in 2005.<\/p>\n<p>The lease on the land was terminated by the CDA in 2017, however, the project was de-sealed in 2021, after 5 years, as a result of a decision by a 3-judge Supreme Court panel chaired by the then-chief justice Saqib Nisar.<\/p>\n<p>Moreover, Naveed Ilahi, a former member estate, sent the request to the Attorney General of Pakistan (AGP) for review when the developer proposed that CDA take back a piece of <a href=\"https:\/\/propakistani.pk\/proproperty\/one-constitution-avenue-developer-offers-commercial-land-to-settle-pending-litigation\/\" target=\"_blank\" rel=\"noopener\">commercial property<\/a> from the firm in exchange for the money it owed to the capital agency.<\/p>\n<p>In a letter dated August 16, 2022, the member estate requested that the developer contact the highest court &#8220;for disposition of the relevant matter as per the suggestions provided to this office for settlement of current litigation&#8221; after consulting with the AGP office.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: The refusal of a real estate company to pay the Capital Development Authority (CDA) installments totaling Rs. 17 billion against a leased plot auctioned by the civic agency in 2005, the Public Accounts Committee (PAC) has asked the accountability watchdog to look into this high-profile case. As per the details, Noor Alam Khan, the chairman of the PAC, asked Aftab Sultan, the head of the National Accountability Bureau (NAB),\u2026<\/p>\n","protected":false},"author":3,"featured_media":10720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-10719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"img_urls":{"thumbnail":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2023\/02\/ProProperty-Design-Template-1000x560-7.jpg",1000,560,false],"medium":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2023\/02\/ProProperty-Design-Template-1000x560-7.jpg",1000,560,false],"full":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2023\/02\/ProProperty-Design-Template-1000x560-7.jpg",1000,560,false]},"author_name":"Firas Qureshi","categories_name":["News"],"title_text":"PAC Asks NAB to Investigate Capital\u2019s Grand Hyatt Hotel Payment Default","related_stories":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts?filter&per_page=4&categories=5&exclude=10719","_links":{"self":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts\/10719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/comments?post=10719"}],"version-history":[{"count":0,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts\/10719\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/media\/10720"}],"wp:attachment":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/media?parent=10719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/categories?post=10719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/tags?post=10719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}