National Bank of Pakistan NBP Auction Notice

NATIONAL BANK OF PAKISTAN AUCTION NOTICE SALE OF PROPERTY THROUGH AUCTION UNDER SECTION 15 OF FINANCIAL INTITUTIONS (RECOVERY OF FINANCES) ORDINANCE 2001 I t is notified through this notice that NATIONAL BANK OF PAKISTAN by virtue of powers vested under Section 15 of the Financial Institutions (Recovery of Finances) Ordinance 2001, hereby offers the sale of following mortgaged property through open auction for recovery of its amount outstanding against the defaulter who has failed to clear the dues despite issuance of Final legal Notice. The auction proceeding shall be held on 21 Dec 2013 at spot. Interested persons/departments can participate in the bidding process according to prevailing rules and regulations Customer /Defaulter Name Detail of Mortgage Property Recoverable amount as on 30.06.2013 Reserve Price Mr. Majid Ali. Sole Proprietor of Mis Al- Karam Cloth Depot Hassan Plaza. Kalma Chowk Dhamial Road, Rawalpindi House of land measuring 05- marlas, Khasra If 158719601. Mouza Mohri Ghazan, Rawalpindi along with superstructure, presented and future constructions, fittings and fixtures there on Bounded as Under: North: Land of General Barg: South: Street-16' East: Plot of Ghulam Akbar West: plot of Muhammad Riaz Owned by Mr.Gulshan Khan S/o Mir Dad Khan 324,936 M.up.1842 U13=30/9113 Total 326,778/ 30-09-2013 Rs:1.392(M) TERMS AND CONDITIONS OF AUCr: 1.The mortgaged property will be sot on as where is bases 2.The participants are required to deposit Rs. 25.000/- in cash or through pay order (refundable to unsuccessful bidder) 3.The Highest bidder will bepeclared success full however, the decision of the auction corNttee will be final 4.That the National Bank icipakistan has the right to accept or reject any bid without aqning any reason what so ever or in case of non acceptanoq:of bid, to re-auction the property 5.The successful biddO4all have to deposit 25% of the bid amount to the auction coi*ittee at the spot, failing which the deposited amount of Rs. 000/- will be forfeited and property will be re-auctioned 6.The SUCC I bidder shall deposit the remaining bid amount within 1 ys from the date of auction . otherwise 25% advance money-Shall be forfeited and property will be re-auctioned 7.The committee has the right to postpone the auction without assigning any reason 8.Without any obligation in its part the NBP may assist the purchaser in getting the property vacated in terms of section 15 (6) of the Financial Institutions (Recovery of Finances) Ordinance 201. 9.The successful bidder is required to pay income tax according to prevailing rules MUHAMAD SAFEER MUGHAL National Bank of Pakistan Advocate High Court Main Branch, Rawalpindi Bank's legal Advisor Rawalpindi, 0321-5383583
PID(K)1317/13
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