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BTK withdrew its application from Supreme Court to grant extension in the payment schedule

The Bahria Town (Pvt) Ltd Karachi (BTLK) on Wednesday withdrew its application requesting the Supreme Court to grant extension in the payment schedule of monthly instalment of Rs 2.5 billion out of the promised amount of Rs460bn for the housing project.
Senior counsel Barrister Syed Ali Zafar withdrew the application on behalf of the BTLK when Justice Faisal Arab, while heading a three-judge implementation bench of the Supreme Court, observed that the court was rejecting the same for being premature.
The bench had taken up the BTLK application seeking extension in the payment schedule as well as grant of leasehold rights by the Sindh government as it is facing difficulties in transferring rights to its allottees.
The SC implementation bench had on March 21 last year accepted the developer’s offer to pay Rs460bn for the purchase of land measuring 16,896 acres in the Malir Development Authority (MDA), but with certain terms and conditions.
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