Ban on auctioning mortgaged properties lifted 6435 6688 PakRealEstateTimes.Com

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Ban on auctioning mortgaged properties lifted

07-28-2009, 05:31 AM

Post: #1

Naveed Yaseen
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Ban on auctioning mortgaged properties lifted

ISLAMABAD: The government has decided to lift a ban on the auction of properties mortgaged by defaulters of the Zarai Taraqiati Bank Limited (ZTBL) and the House Building Finance Corporation Limited (HBFC), in light of a Supreme Court’s decision. A Finance Ministry spokesman said the ministry had banned the auction of mortgaged properties of defaulters of ZTBL and HBFC. However, the SC, in its decision on February 11, 2009, had revived the power of investment banks to recover loans by selling mortgaged properties without seeking the court’s permission. staff report

http://www.dailytimes.com.pk/default.asp...009_pg7_43

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