Lahore High Court Auction of Rice Mill and Land in Sialkot and Gujranwala

A proclamation of sale has been issued before the Honourable Lahore High Court, Lahore, exercising banking jurisdiction, in Execution Application No. 12B/2015 arising from Civil Original Suit No. 01/2013. The properties will be sold through open public auction at their respective sites.

Decree holder: MCB Bank Limited, a banking company incorporated under the laws of Pakistan, with its registered office at MCB House, 15-Main Gulberg, Jail Road, Lahore.

Parties to the Proceedings

Charge holder bank: JS Bank Limited, 309-Upper Mall, Lahore.

Auction Schedule

Decretal Amount

Property No. 1: Rice Mill in District Sialkot

All that piece and parcel of land measuring 41 kanals 17 marlas, comprising a rice mill and bearing Khasra Nos. 227, 228, 229, 230, 231 and 232.

Property No. 2: Land in District Gujranwala

All that piece and parcel of land measuring 29.5 kanals.

Reserve Prices

Auction Terms and Participation

The properties will be offered on an “as is where is” basis at the buyer’s risk. Every member of the general public may participate. Before bidding, each bidder must deposit a copy of their CNIC with the court auctioneers and provide Rs. 1,000,000 against each property as security or earnest money. Payment may be made in cash or through a bank draft or pay order issued by a bank in the name of “Deputy Registrar Judicial, Lahore High Court, Lahore”. Security deposits of unsuccessful bidders will be returned on the spot upon conclusion of the auction proceedings.

The opening bid must not be below the reserve price. The auction will conclude upon the highest bid being offered and the fall of the hammer after at least three calls.

The declared purchaser must immediately pay the auctioneer an amount equal to the property’s reserve price through a pay order, bank draft or banker’s cheque in the name of “Deputy Registrar Judicial, Lahore High Court, Lahore”. Otherwise, the bidder’s security will be forfeited and the property will be auctioned again, either on the same day at a time decided by the auctioneer or within seven days under Order 21, Rule 69 of the Code of Civil Procedure, on a day and at a time decided by the auctioneer.

If the bid exceeds the reserve price, the successful bidder must deposit the remaining amount with the court within 15 days of the sale. Failure to do so will result in deductions determined by the court under Order 21, Rules 71 and 86 of the Code of Civil Procedure.

Any dispute arising from the auction proceedings must first be raised with the court auctioneers. If the grievance remains unresolved, the aggrieved party may apply to the Honourable Court, which will decide the objections.

All taxes, fees, stamps, duties and expenses levied by federal or provincial governments, local bodies, or other government or semi-government departments relating to the transfer of the property will be payable by the successful bidder. The court auctioneers will take necessary measures to obtain the highest possible bid and video-record the auction proceedings.

Final confirmation of the auction is subject to approval by the Honourable Court. The court may approve or reject any bid without assigning a reason and may cancel the auction in the interest of justice.

Interested bidders may contact the court auctioneers at the addresses below for further information about the properties and auction proceedings. Buyers wishing to visit land, buildings or machinery may contact the court auctioneers using the same details.

Court Auctioneers and Contacts

Prospective bidders may also contact the bank official, Mr. Ashfaq Nawab, Relationship Manager – SAM, for clarification at 0304-0409816.