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The Lahore High Court, Multan Bench, through its judgment dated 25th March 2024 in case C.O.S No. 01/2023, ruled in favor of The Bank of Punjab (BOP) against the judgment debtors mentioned below, ordering them to pay Rs. 112.031 million, along with costs and other charges. The debtors have not made the payment.

Following this, on 24th December 2024, the Court granted BOP permission to sell the mortgaged properties without further court involvement under Section 19(3) of the Financial Institutions (Recovery of Finances) Ordinance, 2001, and relevant rules. The properties will now be sold through public auction, granting full legal title to the buyer.

To determine fair pricing, BOP obtained valuations from three PBA-approved valuators:

• M/S KGT Pvt. Ltd.

• M/S Osam Consultant Engineers

• M/S Medallion Services Pvt. Ltd.

The highest valuation (by Medallion Services Pvt. Ltd.) has been adopted as the reserve price. Notices were issued to the debtors, and no objections were received.

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Auction Details

Decree Holder: The Bank of Punjab, City Centre Branch, Multan Cantt
Judgment Debtors:

• M/s Pak Land Feed Pvt. Ltd. (Registered office: Chah Musa Wala, near Mehran Plastic Factory, Stadium Road, Multan. Business site: 4 KM, Dokota Road, Mitro District, Vehari.)

• Directors:

  • Akbar Ali (House No. 663, Block “E”, Shah Rukan-e-Alam, Phase-II, Multan & Chak No. 487/EB, Tehsil Burewala, District Vehari)

  • Wazir Ahmad (Mohallah Taheem, Qutab Pur, Tehsil Dunya Pur, District Lodhran)

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Properties for Auction & Reserve Prices

(Valuations based on Medallion Services Pvt. Ltd.’s assessment.)

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Terms & Conditions

1. Valuation reports can be inspected at:

   • Special Assets Management Division, BOP Head Office, Gulberg-III, Lahore.

   • Regional Office, BOP Kutchery Road Branch, Multan.
     Copies will be provided on request.

2. Interested parties may bid for the entire property or individually for land, building, or machinery, provided bids meet the reserve price.

3. To participate, bidders must submit:

   • Bank Draft/Pay Order/CDR of Rs. 1,000,000/- per property in favor of The Bank of Punjab.

   • A copy of CNIC and contact details.

4. The highest bidder will be declared successful.

   • 25% of bid amount must be deposited within 2 working days.

   • Balance within 15 days, failing which, the deposit will be forfeited, and the property re-auctioned.

5. Successful bidders will bear all applicable taxes, duties, and transfer costs, including advance income tax (5% for filers, 10% for non-filers).

6. Properties are sold on an “as is, where is” basis. BOP assumes no responsibility regarding title, encumbrances, measurements, or utility dues.

7. BOP reserves the right to accept or reject any bid without assigning any reason.

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For further details or inspection, please contact:
Special Assets Management Division – Bank of Punjab

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