On Thursday the Supreme Court has accepted the offer of Bahria Town Karachi. Bahria Town offered Rs460billion in settlements for the Karachi projects.
The development came as the 3-judge bench of the highest court led by Justice Sheikh Azmat Saeed Sheikh heard the case relating to the real estate firm.
Bahria Town would have to pay the amount during the span of the next 7 years after the payment of Rs25billion down-payment until the 27th of August.
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It would be submitting Rs2.5billion per month during the first 4 years and the outstanding amount would be paid in the span of the next 3 years.
As per Supreme Court, Bahria Town would start paying the installments from September this year.
It would have to pay 4 percent mark up in case of delay in payment of installments which would then be submitted with the high court.
The court would then be transferring the money whoever Bahria Town owes it to.
The apex court said that Bahria Town director would have to submit an affidavit to the court about the payment.
The SC also halted the National Accountability Bureau from filing any further references against Bahria Town and instructed the ant-graft to approach the court before filing any references in the future.