As confirmed from Accountability Bureau (NAB), Supreme Court approves Rs. 460 billion offer from Bahria Town Karachi.
The case finally settles down as the Supreme Court has announced its final verdict today to accept the offer by the Bahria Town (Pvt) limited to pay Rs. 460 billion for its Malir or Karachi Super Highway project.
Bahria Town will have to pay the entire amount in installments over seven years. The order has been issued for Bahria Town to pay Rs. 25 bn by August this year and from September onwards, to pay Rs 2.25 bn in monthly installments for the next three years.
In case of late installments, the company will have to suffer from serious consequences and will have to pay a four percent mark up.
Bahria Town’s counsel has requested a period of seven and a half years to complete the payment process. Further, the company will also mortgage parks and its other assets.
The court has further asked NAB to not file any references in this case and cooperate with the latter. The matter is resolved for now with Bahria Town but if NAB wants to file references, the court will hear both the parties before taking any decision.
Once the whole amount is deposited, the court will pass judgment in accordance with the law. The money deposited in the Supreme Court will be distributed as per the law.
The land that was granted to Malir Development Authority (MDA) by the Sindh Government for launching an incremental housing project was instead exchanged with Bahria Town to launch a scheme of its own and is ‘of no legal existence’ under the Government Land Act 1912.
The court has declared that it would only take into account the site plan of Bahria Town that incorporates 16,986 acres of land signed by both the developer and Space and Upper Atmosphere Research Commission.
Further, the court clarified the council that the offer does not mean that the court is on negotiable terms with him.
