Lahore: Lahore High Court Chief Justice Sardar Muhammad Shamim Khan has scheduled the hearing for foreclosure law case for September 13, 2019, according to news sources.
A five-member bench headed by Justice Mamoon Rashid Sheikh will hear this case. Other members include Justice Shahid Waheed, Justice Jawad Hassan, Justice Abid Aziz Sheikh, and Justice Asim Hafeez.
The Prime Minister, while addressing a ceremony regarding the Naya Pakistan Housing Scheme (NPHS), appealed to the LHC Chief Justice to expedite the matter. He observed that the sooner this matter is settled, the sooner the banking sector will be able to grant loan facilities and simplify the mortgage process.
The petitioners, Muhammad Shoaib Arshad and others, had challenged the reintroduction of Section 15 of Financial Institutions (Recovery of Finances) Ordinance 2001. The matter was initially heard in 2016 by then LHC Chief Justice Syed Mansoor Ali Shah, who suspended the new Section 15, which enables banks to sell mortgaged property in case of defaulted payment by a customer.