The Supreme Court (SC) has rejected Bahria Town (Pvt) Ltd Karachi’s (BTLK) application which sought an extension of three years to pay its total instalment of Rs460 for purchasing prime land in Karachi.
In its plea filed on Tuesday, Bahiria Town had requested the Supreme Court to given them an extension of three years to pay their monthly instalments of Rs2.5bn. They said they would resume payments in September 2023. BTLK argued that it is difficult to make payments due to the business recession the pandemic has brought on.
This application was rejected by a three-judge bench headed by Justice Ijazul Ahsan.
In response to the recession remark by the counsel of BTLK the court replied: "The government is saying that the economy has come back on track. Bahria Town should show its own figures, not of the world."
Furthermore, the court noted that Bahria Town had already sold off its Karachi project. "Supreme Court is not a bank where concession can be obtained through negotiations."
The court rejected BTLK's application through a short order. However, detailed verdict on the plea will be issued later.
In its plea filed on Tuesday, Bahiria Town had requested the Supreme Court to given them an extension of three years to pay their monthly instalments of Rs2.5bn. They said they would resume payments in September 2023. BTLK argued that it is difficult to make payments due to the business recession the pandemic has brought on.
This application was rejected by a three-judge bench headed by Justice Ijazul Ahsan.
In response to the recession remark by the counsel of BTLK the court replied: "The government is saying that the economy has come back on track. Bahria Town should show its own figures, not of the world."
Furthermore, the court noted that Bahria Town had already sold off its Karachi project. "Supreme Court is not a bank where concession can be obtained through negotiations."
The court rejected BTLK's application through a short order. However, detailed verdict on the plea will be issued later.