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LHC adjourns proceedings in Redco-UBL case till April 10

RECORDER REPORT

LAHORE: Mr. Justice Malik Muhammad Qayyum of the Lahore High Court adjourned to April 10 the proceedings in a petition filed by UBL against Redco Textile Mills owned by former senator Saifur Rehman and his family, while directing the mill adminstration to reach an agreement with the bank till next date of hearing.

The court passed these directions when the counsel of bank contended before the court that if the responent company wanted to get its loans reshceduled, it should pay 30 percent of the amount.

He said before payment of the said amount, the bank adminstration will not consider their request for rescheduling the loans.

Earlier, counsel of Redco contended that the company wanted the mill to pay 30 percent of the total amount, therefore, the bank should reschedule its loans.

The court, after hearing both the sides, adjourned the proceedings till next date of hearing.

The bank had appraoched the court praying to liquidate the respondent company. It may be mentioned that Redco mills has to pay Rs.1.13 billion as loan to the petitioner bank.