Illegal loan waivers: SC re-orders beneficiaries to pay off 75% within ten days

10:50 AM | 3 Aug, 2018
Illegal loan waivers: SC re-orders beneficiaries to pay off 75% within ten days
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ISLAMABAD - Supreme Court Thursday re-ordered 222 illegal loans waivers to pay back 75 percent of the principal amount of written-off loans, within ten days.

A three-member bench headed by Chief Justice Mian Saqib Nisar heard the suo moto case pertaining to illegal waivers of bank loans worth of Rs 54 billion by influential persons and companies.

During the course of proceedings, the CJ remarked that those companies and individuals willing to pay off the loan should inform the court and for the rest of individuals and companies would be passed an appropriate order.

Justice Nisar observed that the court had to allocate the repaid amount towards the construction of dams in the country.

A commission should be formed to sort out the matter, he remarked.

A private bank’s official, present during the hearing, told the court that talks were ongoing with customers who have taken out loans from the bank, to which the chief justice responded that the parties should sit together and resolve their issues.

Earlier the apex court warned the parties that if they would failed to pay off the loans then their cases would be sent to the banking courts.