Faisal Vawda summoned by SHC over unpaid loan
KARACHI: The Sindh High Court (SHC) summoned the Federal Water Resources Minister Faisal Vawda, his father, Umar Vawda and Sher Noor Khan on Thursday over a plea related to the sale of property.
The property estimated is more than Rs120 million to recover loans. Saudi-Pak Leasing Co filed a plea against all three for not returning the loan taken for business purposes.
The company put forward their argument that Umar had taken a loan of Rs35 million in 2006. Faisal and Sher were the guarantors of the contract.
Umar had to pay more than Rs50 million as per the contract.
He first pledged Faisal’s property and then pledged Sher’s property by drawing Faisal’s property in 2007.
The company claims that Faisal and his father Umar were refusing to pay back the loan. Several legal notices have been sent between 2015 and 2018, adding that the court should allow the company to sell the pledged plots, 2C and 4C, in DHA Phase V.
If the response is not submitted, the court will announce the verdict according to the records available.
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