ISLAMABAD – The Supreme Court of Pakistan has granted ten days to all the 222 companies and individuals, who had got waived of loans, to decide to pay off 75 percent of the total loan or ready to face trial in banking courts.
A two-member bench headed by Chief Justice of Pakistan (CJP) Mian Saqib Nisar passed the directions on Wednesday while hearing a suo moto case in connection with loans of Rs 54 billion, which were waived of by 222 individuals and companies.
‘The court could not give them more time. After ten days, they would not be able to avail any relaxation,’ remarked the top judge.
Meanwhile, Farooq H Naek, counsel for a respondent, requested the court to decide the matter in light of the recommendations of Justice Jumshaid.
To this, the CJP observed that the court could not be bound to any suggestion as it would decide the matter on merit.
He observed that the country needed money for the construction of dams and other big projects.
‘In case of response, the defaulters would have to pay off 100% amount of the loan and more as per the court decision’, he warned.
Laterwards, the case was adjourned till July 17.
