Islamabad High Court to resume hearing of One Constitution Avenue case as JIT finalises probe
ISLAMABAD: The Islamabad High Court (IHC) will resume hearing on Monday of a petition filed by the builder of the One Constitution Avenue against a banking court order seeking the recovery of a loan as a joint investigation team (JIT) has finalised its probe into the matter. A division bench, comprising Justice Khadim Hussain Soomro and Justice Umair Majeed Malik, will hear an appeal filed by…
The Islamabad High Court will reconvene on Monday to hear an appeal filed by Abdul Hafeez Sheikh, the builder of One Constitution Avenue, against a banking court order demanding repayment of a loan. A division bench, consisting of Justice Khadim Hussain Soomro and Justice Umair Majeed Malik, will consider the case. Sheikh maintains that the loan obligation was fulfilled once the Bank of Punjab (BoP) gained a stake in the property.
This case is part of the broader legal debate surrounding the 13.5-acre One Constitution Avenue project, situated near the Convention Centre. The dispute involves the rights of the original lessee, the bank, and numerous apartment buyers. The project's financial dispute extends back to the CDA's 2004-05 auction of the land for Rs4.8 billion.
Despite constructing approximately 250 apartments, the company sold them in the market. In 2019, the Supreme Court ordered the company to pay Rs17.5 billion over eight years, but only about Rs2.9 billion has been paid so far.
Written by urgent.news from Dawn - Pakistan's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
