On Tuesday, the court had ruled that the banks could auction mortgaged property without obtaining the court decree. However, the bench noted that it was mandatory that more than one bidder should participate in such an auction. Speaking to Pakistan Today, legal expert Hamid Khan said that the banks can sell mortgaged property without the involvement of courts in the matter as there is a provision for this in the law. He also said that it is important to empower banks for recovery of loaned sum and the high court’s judgement grants them that sense of empowerment. “When giving out loans, banks often make you sign on dotted lines without making you read the terms and conditions.

Source: Pakistan Today March 11, 2020 18:11 UTC