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Court orders details of securities against loans owed by Redco

RECORDER REPORT

LAHORE: The Lahore High Court on Thursday directed United Bank Limited (UBL) to submit the break-up of the securities against loans owed by Redco company.

The court passed these orders in a petition filed by Redco seeking the break-up.

The company contended that it was ready to submit the securities against 70 percent amount of the loan as demanded by the bank, but it wanted to know the break-up of the securities.

UBL had submitted a petition seeking the liquidation of the company, since it had failed to pay its liabilities.

The company, during the course of the proceedings, showed its willingness to pay the amount outstanding against it, as a result of which, the bank asked that the company pay 30 percent, while the rest of the 70 percent, should paid in the form of securities.