LAHORE: A banking court on Friday dismissed a petition by Azizur Rehman Chann and others challenging a loan recovery suit filed by a private bank.

The court also allowed the bank to auction the mortgaged properties of Mr Chann, former Lahore PPP president, and others to recover the defaulted loan.

Petitioners contended that they obtained the loan from the bank in the name of three companies, which had been paid of f.

They said the bank unlawfully initiated the legal proceedings for the recoveryoftheloan.

A counsel for the bank contradicted the stance of the petitioners and produced a complete record of the payments. He said the petitioners got a stay order against the auction by concealing facts from thecourt.

He asked the court to withdraw the stay order and allow the bank to recover the defaulted loan by selling mortgaged properties of the petitioners.

The court dismissed the petition, allowing the bank to auction the mortgagedproperdesforrecovery of the loan.