Court orders al-Fath’h Group to make MVR 2.3 mn loan payment to BML

Civil Court has ordered al-Fath’h Hajj and Umra Group to pay MVR 2,300,000 loan owing to Bank of Maldives.

Civil Court issued the order on May 19.

The court said that documents show al-Fath’h Group had listed Mohamed Musthafa Didi from H. Excel, Hassan Rasheed and Mariyam Rasheeda Ibrahim from H. Sikkage-Hulhanguge, and Classic Travel Maldives Private Limited as their guarantors for the MVR 2,300,000 loan from BML.

The court also noted that part of property of H. Sikkage-Hulhanguge owned by Mariyam Rasheeda had been listed as collateral for the loan.

While issuing the verdict, court said that amount owing to BML by al-Fath’h stood at MVR 2,222,517.55 up to May 16. And that it had been proven at court that the amount had not been paid by al-Fath’h.

The guarantors of the loan have been ordered to pay the loan within a seven-month period – starting from May 199.

Court said that BML had the right to repossess part of H. Sikkage-Hulhanguge listed as collateral for the loan and sell it if the payment isn’t made within the seven months.

The guarantors will also have to pay the cost involved in selling the property and the amount remaining in payment after the sale of property in such case BML repossess it.