Pakistan’s Lahore High Court (LHC) has ordered the auction of the Accord Textile Mill to pay off PKR250m (US$2.93m) bank loans.

The Habib Bank Limited (HBL) had earlier requested the court to make all possible arrangements for recovery of its amount from Accord, which has been unable to pay the loan installments for the last few years.

The court allowed the bank to auction the mill as per the market price on Saturday 16 April 2011 in the presence of the mill authorities.