ISLAMABAD – The Supreme Court has been approached by Bahria Town in an urgent bid to stop the upcoming auction of its properties, following a recent decision by the Islamabad High Court (IHC) that allowed the National Accountability Bureau (NAB) to proceed.
Senior lawyer Farooq H. Naik filed the petition on behalf of Bahria Town, which is led by real estate tycoon Malik Riaz. The auction, scheduled for August 7, is part of NAB’s efforts to recover a £190 million (Rs 60 billion+) settlement linked to Malik Riaz and his company.
In the petition, Bahria Town warned tthat going ahead with the auction could have “catastrophic consequences,” including the possible collapse of the company. The management claimed that it is facing severe financial pressure, with delays in staff salaries and disruption of essential services in its housing schemes.
Malik Riaz issued a statement saying that Bahria Town is ready to resolve the issue through lawful means. “We urge the authorities to allow arbitration. We will comply with the final outcome, but we are running out of time,” he said.
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The situation has caused concern among thousands of residents living in Bahria Town projects in Karachi, Lahore, and Islamabad. Many fear disruptions in basic services like water, electricity, and sanitation. Property sales have dropped, and construction work in many areas has slowed down or stopped.
Online property platforms are filled with worried comments and questions from investors and residents. Some investor groups have called for calm, but anxiety continues to grow as the auction date nears.
According to sources, NAB officials maintain that the entire process is being carried out within the legal framework, in full compliance with court orders. They added that all necessary documentation and evidence have been submitted to justify the auction proceedings.
