A Division Bench of the Lahore High Court (LHC) on Monday adjourned further proceedings of an Intra-Court Appeal (ICA) challenging the decision for the disposal of four steel units of the Ittefaq Groups of Industries for March 28.
A single bench had accepted a petition of the National Bank of Pakistan (NBP) seeking the sale of the Ittefaq Foundries, Brothers Steel at Kot Lakhpat, Ittefaq Brothers at Shahdara and Ilyas Enterprises at Bund Road, Lahore.
The decision was challenged through an ICA by the Mian Meraj Din family and Colony Group of Industries submitted that the units were not required to be disposed of, but to be revived through an arrangement as provided under 284 of the Companies Ordinance.
Syed Mansoor Ali Shah, counsel for the appellant and Ashtar Ausaf Ali, another counsel on Monday sent a request due to some other important assignments.
The units were surrendered by the ex-premier, Nawaz Sharif, against their bank liabilities for adjustment of loan obtained from as many as eight banks and other financial institutions. The total liability of the Sharifs family was evaluated as Rs 2.26 billion of which the NBP had advanced mows than 50 percent of the loan.
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