I hope this is not a repost and also might shed some light on all the talk about Inam Ullah leaving/no-leaving PTI
ISLAMABAD: A textile unitowned by senior Pakistan Tehrik-e-Insaf (PTI) leader Inamullah Niazi and histwo brothers Hafeezullah Niazi and Irfanullah Niazi is defaulter of theAllied Bank of Pakistan (ABL) to the tune of Rs71.641 million, and the LahoreHigh Court (LHC) has issued a decree in the banks favour, ordering auction ofthe property to recover the outstanding loan.
Thethree brothers are directors of the defaulting M/s Hura (Pvt) Ltd, 41 CivicCentre, NewGardenTown, Lahore, documents available with The Newsshow.
OnNovember 14, 2012, LHC judge Ayesha A. Malik appointed with the consent of thelearned counsel for the parties Harvester Service Company as evaluator to makeassessment of all the assets available at the site subject to payment ofRs35,000.
Thecompany was directed that evaluation report shall be submitted within threeweeks.
Whenapproached for comments, Shahid Ikram Siddiqui, the counsel for M/s Hura (Pvt)Ltd, confirmed that the LHC has passed a decree against his clients in theRs71.641 loan default case.
Hesaid the ABL has filed an execution petition for implementation this decree.His clients have filed an appeal against the LHC decision in the Supreme Court,which is pending, he said.
Thelawyer also confirmed that the LHC has appointed the Harvester Services Companyas evaluator for determination of value of property of Hura Pvt Ltd. Once theevaluator would submit its report to the LHC, the M/s Hura (Pvt) Ltd and ABLwill be called by it to raise objections, he said, adding that if theobjections were not sustainable, the property will be auctioned.
Hesaid only the plot, submitted as guarantee against the loan, and not thetextile unit, will be auctioned.
Whencontacted, ABLs lawyer Ashar Elahi told The News that the Niazi brothers werenot returning the loan despite LHC decree in favour of the bank. We have movedan execution petition but the opponent party is using delaying tactics as ithas asked the bank for settlement for many times but it later backtracked.Through these means, it has gained a plenty of time.
Whenasked whether he knows that the Niazi brothers are the cousins of PTI ChairmanImran Khan, the ABL lawyer said: Yes, I know everything. He said that theevaluator has not so far filed its report with the LHC within the given time.We are waiting for it.
Whencontacted, M/s Hura (Pvt) Ltd Chief Executive Irfanullah Niazi confirmed theloan default case but said the appeal against the LHC decision was pending inthe Supreme Court. He disputed that the LHC has ordered auction of propertiesof the textile unit. He said that someone must have made a miscalculation aboutthe possible auction.
HafeezullahNiazi, who is brother-in-law of Imran Khan, was first reluctant to talk on thesubject as he was very angry over another story in this newspaper, whichunearthed Rs162 million loan default by another company, owned by him.
Hekept on threatening that he would issue a legal notice to the paper for thatreport. However, later he said that he has no concern with the Hura Pvt Ltd.When told that his name figures among its directors as per official papersincluding those filed by the company in the LHC and the Security ExchangeCommission of Pakistan (SECP), he said his name is wrongly written there.
Inresponse to a text message, Inamullah Niazi promised to talk to The News butlater decided to avoid it. Countless calls were made to his cell phone over thepast four days, but he did not attend it.
However,documents available with The News show that Hura (Pvt) Ltd borrowed Rs36million from the ABL in 1997. As it failed to return the loan amount, the bankfiled a recovery suit in the LHC. Justice Hamid Ali Shah decided the caseagainst the Naizi brothers and in favour of the ABL.
Inview of what has been discussed above, the suit of the plaintiff (ABL) isdecreed for recovery of Rs71.641 million in favour of the plaintiff and againstthe defendants (Niazi brothers) jointly and severally, along with costs andcosts of funds. This suit shall automatically stand converted into executionproceedings without the need to file a separate application and no fresh noticeneed be issued to the judgment debtor in this regard. The proceedings forexecution will commence if the defendants fail to pay the decreed amount withina period of one month, Justice Shah ruled on July 24, 2006.
Lateron March 4, 2009, LHC judge Justice Mian Saqib Nisar (now in the Supreme Court)dismissed the objections raised by the M/s Hura (Pvt) Ltd to the courtproceedings for execution of the July 24, 2006 decree, and ruled that themortgaged property including the machinery hypothecated with the ABL beattached and warrant of attachment be accordingly issued and executed.
Thecompany filed an appeal against the decree before a division bench of the LHC.It was also rejected by Justice Azmat Saeed (now judge of the Supreme Court)and Justice Mansoor Ali Shah in May 2011. The judges did not accept the plea ofthe M/s Hura (Pvt) Ltd for condoning delay in filing the appeal.
Theproperty mortgaged with the ABL is four Kanals of land, situated at MuazaBhobatian on Raiwind Roadalong with the machinery of the textile unit, according to the documents andcourt record of the case.
Whenthe company availed this loan, Inamullah Niazi was member of the NationalAssembly belonging to the Pakistan Muslim League-Nawaz (PML-N). His MNA card isattached with the loan documents.
Accordingto the SECP record, Irfanullah having the usual residential address of B-1Azeem St Mohallah Sherman-Khail Mianwali, holds identity card number38302-8206075-7 while Hafeezullah having usual residential address of 2-ZamanPark, Upper Mall, Lahore, possesses identity card number 35201-8589732-7.
Hafeezullahwas extremely incensed over a recent report in this newspaper which, based ondocuments, said that he is a loan defaulter and his company, Knit Knot (Pvt)Limited, dealing in textile products, owes over Rs162 million to the FaysalBank as per a decree issued by the LHC. The bank has filed a petition in theLHC, seeking execution of the decree for recovery of the outstanding amount. Atthe time, Niazi told The News that his loan was written off in 2007 andemphasised that he was not the only beneficiary of this policy of the StateBank of Pakistan (SBP), introduced through Circular No.29 issued on October 15,2002. Some 17,000 loans were settled under this scheme, he claimed, adding hewon the case from the LHC where a petition filed by the bank for execution ofthe decree in its favour and against him was dismissed on December 1, 2008.
OnJan 7, a story filed by reporter Umar Cheema said that Inamullah Niazi has beenembroiled in a controversy over illegal occupation of a house in Lahores posh area for 16years and is now reluctant to vacate it despite repeated court orders. ShahidIbrahim, co-owner of the house, has lodged a complaint with the PTI chairmanagainst his cousin and this new entrant into the party, Inamullah, whoseoccupation dates back to the days he was affiliated with the PML-N. Accordingto this story, Irfanullah has been accused of actively supporting his brotherInamullah in the occupation of the house through filing petitions that wererejected twice.
http://www.thenews.com.pk/Todays-News-2-156206-PTI-leader-brothers-declared-bank-defaulters
ISLAMABAD: A textile unitowned by senior Pakistan Tehrik-e-Insaf (PTI) leader Inamullah Niazi and histwo brothers Hafeezullah Niazi and Irfanullah Niazi is defaulter of theAllied Bank of Pakistan (ABL) to the tune of Rs71.641 million, and the LahoreHigh Court (LHC) has issued a decree in the banks favour, ordering auction ofthe property to recover the outstanding loan.
Thethree brothers are directors of the defaulting M/s Hura (Pvt) Ltd, 41 CivicCentre, NewGardenTown, Lahore, documents available with The Newsshow.
OnNovember 14, 2012, LHC judge Ayesha A. Malik appointed with the consent of thelearned counsel for the parties Harvester Service Company as evaluator to makeassessment of all the assets available at the site subject to payment ofRs35,000.
Thecompany was directed that evaluation report shall be submitted within threeweeks.
Whenapproached for comments, Shahid Ikram Siddiqui, the counsel for M/s Hura (Pvt)Ltd, confirmed that the LHC has passed a decree against his clients in theRs71.641 loan default case.
Hesaid the ABL has filed an execution petition for implementation this decree.His clients have filed an appeal against the LHC decision in the Supreme Court,which is pending, he said.
Thelawyer also confirmed that the LHC has appointed the Harvester Services Companyas evaluator for determination of value of property of Hura Pvt Ltd. Once theevaluator would submit its report to the LHC, the M/s Hura (Pvt) Ltd and ABLwill be called by it to raise objections, he said, adding that if theobjections were not sustainable, the property will be auctioned.
Hesaid only the plot, submitted as guarantee against the loan, and not thetextile unit, will be auctioned.
Whencontacted, ABLs lawyer Ashar Elahi told The News that the Niazi brothers werenot returning the loan despite LHC decree in favour of the bank. We have movedan execution petition but the opponent party is using delaying tactics as ithas asked the bank for settlement for many times but it later backtracked.Through these means, it has gained a plenty of time.
Whenasked whether he knows that the Niazi brothers are the cousins of PTI ChairmanImran Khan, the ABL lawyer said: Yes, I know everything. He said that theevaluator has not so far filed its report with the LHC within the given time.We are waiting for it.
Whencontacted, M/s Hura (Pvt) Ltd Chief Executive Irfanullah Niazi confirmed theloan default case but said the appeal against the LHC decision was pending inthe Supreme Court. He disputed that the LHC has ordered auction of propertiesof the textile unit. He said that someone must have made a miscalculation aboutthe possible auction.
HafeezullahNiazi, who is brother-in-law of Imran Khan, was first reluctant to talk on thesubject as he was very angry over another story in this newspaper, whichunearthed Rs162 million loan default by another company, owned by him.
Hekept on threatening that he would issue a legal notice to the paper for thatreport. However, later he said that he has no concern with the Hura Pvt Ltd.When told that his name figures among its directors as per official papersincluding those filed by the company in the LHC and the Security ExchangeCommission of Pakistan (SECP), he said his name is wrongly written there.
Inresponse to a text message, Inamullah Niazi promised to talk to The News butlater decided to avoid it. Countless calls were made to his cell phone over thepast four days, but he did not attend it.
However,documents available with The News show that Hura (Pvt) Ltd borrowed Rs36million from the ABL in 1997. As it failed to return the loan amount, the bankfiled a recovery suit in the LHC. Justice Hamid Ali Shah decided the caseagainst the Naizi brothers and in favour of the ABL.
Inview of what has been discussed above, the suit of the plaintiff (ABL) isdecreed for recovery of Rs71.641 million in favour of the plaintiff and againstthe defendants (Niazi brothers) jointly and severally, along with costs andcosts of funds. This suit shall automatically stand converted into executionproceedings without the need to file a separate application and no fresh noticeneed be issued to the judgment debtor in this regard. The proceedings forexecution will commence if the defendants fail to pay the decreed amount withina period of one month, Justice Shah ruled on July 24, 2006.
Lateron March 4, 2009, LHC judge Justice Mian Saqib Nisar (now in the Supreme Court)dismissed the objections raised by the M/s Hura (Pvt) Ltd to the courtproceedings for execution of the July 24, 2006 decree, and ruled that themortgaged property including the machinery hypothecated with the ABL beattached and warrant of attachment be accordingly issued and executed.
Thecompany filed an appeal against the decree before a division bench of the LHC.It was also rejected by Justice Azmat Saeed (now judge of the Supreme Court)and Justice Mansoor Ali Shah in May 2011. The judges did not accept the plea ofthe M/s Hura (Pvt) Ltd for condoning delay in filing the appeal.
Theproperty mortgaged with the ABL is four Kanals of land, situated at MuazaBhobatian on Raiwind Roadalong with the machinery of the textile unit, according to the documents andcourt record of the case.
Whenthe company availed this loan, Inamullah Niazi was member of the NationalAssembly belonging to the Pakistan Muslim League-Nawaz (PML-N). His MNA card isattached with the loan documents.
Accordingto the SECP record, Irfanullah having the usual residential address of B-1Azeem St Mohallah Sherman-Khail Mianwali, holds identity card number38302-8206075-7 while Hafeezullah having usual residential address of 2-ZamanPark, Upper Mall, Lahore, possesses identity card number 35201-8589732-7.
Hafeezullahwas extremely incensed over a recent report in this newspaper which, based ondocuments, said that he is a loan defaulter and his company, Knit Knot (Pvt)Limited, dealing in textile products, owes over Rs162 million to the FaysalBank as per a decree issued by the LHC. The bank has filed a petition in theLHC, seeking execution of the decree for recovery of the outstanding amount. Atthe time, Niazi told The News that his loan was written off in 2007 andemphasised that he was not the only beneficiary of this policy of the StateBank of Pakistan (SBP), introduced through Circular No.29 issued on October 15,2002. Some 17,000 loans were settled under this scheme, he claimed, adding hewon the case from the LHC where a petition filed by the bank for execution ofthe decree in its favour and against him was dismissed on December 1, 2008.
OnJan 7, a story filed by reporter Umar Cheema said that Inamullah Niazi has beenembroiled in a controversy over illegal occupation of a house in Lahores posh area for 16years and is now reluctant to vacate it despite repeated court orders. ShahidIbrahim, co-owner of the house, has lodged a complaint with the PTI chairmanagainst his cousin and this new entrant into the party, Inamullah, whoseoccupation dates back to the days he was affiliated with the PML-N. Accordingto this story, Irfanullah has been accused of actively supporting his brotherInamullah in the occupation of the house through filing petitions that wererejected twice.
http://www.thenews.com.pk/Todays-News-2-156206-PTI-leader-brothers-declared-bank-defaulters
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