Bank of Punjab Auction of 1-Kanal Mortgaged Property in Lahore Cantt

The Bank of Punjab will conduct a public auction of mortgaged property under Section 15 of the Financial Institutions (Recovery of Finances) Ordinance, 2001, to recover outstanding mortgage money.

The property is a 1-kanal plot at No. 98-A, Canal Bank Housing Scheme, Saeed Block, Lahore Cantt, associated with Mr. Adil Javaid, son of the late Javed Akhter. Outstanding mortgage money as of June 2025 is Rs. 44,531,220.04.

Auction schedule: 27 November 2025 at 2:00 PM, at the property site. The reserve price is Rs. 56,928,750, and bids below this amount will not be accepted.

Participants must deposit Rs. 300,000 through a banker's cheque or pay order in favour of the auctioneer and present their original identity card with two copies before bidding. The highest bidder must pay 25% of the bid amount within three days of the auction and deposit the remaining amount within fifteen days of completion of the sale.

The property will be sold on an as-is, where-is basis. Transfer charges, taxes and applicable duties are payable by the successful purchaser. The Bank of Punjab reserves the right to discontinue the auction without assigning a reason.