Bank files recovery suit against Mirza Afridi

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Observer Report
Lahore

A recovery suit was filed in the Lahore High Court on Saturday against Pakistan Tehreek-e-Insaf’s Deputy Chairman of the Senate Mirza Muhammad Afridi.

The suit seeks recovery of a loan for over Rs5.2 billion loan which he – and others – had ob-tained for business purposes.

The petitioner, a private bank, filed the suit and made respondents Mirza Afridi, his brothers, and their company ReshamaTex.

The petitioner contended that the said respondents obtained a loan of over Rs5.2 billion, for the pur-pose of business, in the name of ReshamaTex Lim-ited, on personal guarantee and also adopted all due process.

According to the petition, the respondents did not obey the contractual obligations following which the bank first issued notices to them and then de-clared them defaulters.

Finally, the bank approached the LHC and filed a suit against the respondents seeking recovery of the money.

 

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