The Lahore High Court (LHC) on Monday took up a petition against the Sharif family’s Al-Arabia Sugar Mills for allegedly defaulting on a bank loan.
Justice Jawad Hassan of the high court heard the petition filed by the Bank of Punjab (BoP) seeking recovery of the loan.
A lawyer representing the petitioner sought time to prepare his arguments on the maintainability of the petition. Granting his request, the court adjourned the hearing.
The petitioner stated that the sugar mill had taken a loan of Rs740 million.
The mill failed to pay back the loan within the stipulated time despite being issued repeated notices for the purpose, it said.
The bank pleaded with the court to order the Al-Arabia Sugar Mills to pay back the loan.
