Loan waiver case: Consensus reached on two dams: CJ

ISLAMABAD: The Chief Justice of Pakistan on Saturday disclosed that consensus has been developed for immediate construction of two new dams in view of the glaring water crisis in the country.

A two-member bench of the apex court headed by Chief Justice Mian Saib Nisar resumed hearing into a case related to Rs54 billion worth of loan waivers by 222 individuals and companies. During the course of hearing, the CJ said that consensus was developed during a key meeting with experts and various stakeholders earlier this week. He said that the amount recovered from the defaulters would be used to construct two new dams immediately.

In pursuance of the options, given by the court, the CJ said some of the defaulters had expressed willingness to pay 75 percent of the written-off loan amount, whereas those who did not return the amount, their cases would be sent to the banking courts. The CJ while addressing Farooq H Naek, senior lawyer, representing some defaulters said that soon he would contact his close friends to extend their financial support in this national cause.

“Your name will also include in list of those friends”, the CJ asked Naek. The CJ recalled that two options were offered to the counsels, representing the loan defaulters.

Earlier this week, the CJ directed the loan defaulters either to pay 75 percent of the principle amount they had borrowed from National Bank or face the trials at banking courts.

The CJP had warned if the loan defaulters failed to do the needful, their cases would be referred to the banking courts.

Justice Saqib Nisar had also observed that they would collect the money from defaulters with interest adding if they could not get back the public money, they had no right to remain on their slots.

Last month, the apex court issued notices to 222 individuals and companies who had allegedly got loans of Rs54 billion written off. The court had ruled that as per report of the Commission constituted by this court, action against 222 individuals/companies had been recommended on account of the fact that the loans were not written-off in accordance with law.

On Saturday, the CJ said those defaulters, opting for pursuing their cases in the banking courts, their properties would be attached/linked with the instant case/matter, adding that till the decisions of the banking courts, the loans waived off by the defaulters would have to deposit with the apex court.

The CJ said they would ask the banking courts to decide the cases within three days, adding that judges of the banking courts would work day and night to decide the instant cases within the stipulated time.

Naek contended that his clients had not waived off their loan while using political influence to which the chief justice asked the learned counsel that being an honorable member of the bar and senior advocate of the apex court, he requested him to ask his clients to return the money they borrowed from the bank.

The CJ said if the banking courts decided the cases in the favour of defaulters, they could get back the money and if the decisions went against the defaulters, the defaulters would have to return the whole amount.

Naek submitted that those who had already returned the money at least should get the remedy and get the justice.

The CJ asked Naek that he should decide better and inform the court. Meanwhile, the court directed formation of a special bench to hear the instant matter and adjourned further hearing until July 4.