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Tuesday July 23, 2024

After 16 years: SC to take up suo motu case of written-off loans

By Sohail Khan
June 03, 2023

ISLAMABAD: The Supreme Court will next week take up a 16-year-old suo motu case concerning recovery of Rs54 billion loans written off by the local banks. A three-member bench of the apex court — headed by Justice Ijazul Ahsen and comprising Justice Munib Akhtar and Justice Jamal Khan Mandokhel — will resume hearing on June 7. The registrar’s office has issued notices to the parties concerned. In the year 2007, former chief justice of Pakistan Iftikhar Muhammad Chaudhry had taken notice of loans granted to some 222 individuals by the local banks which were written off. In the year 2019, a three-member bench of the apex court — headed by former chief justice of Pakistan Mian Saqib Nisar — heard the case. The bench observed that few people had complied with the previous order of August 12, 2018. It further observed that out of 222 people, only 39 had decided to pay back their loans. The chief justice had said that voluntarily paying their loans must have their cases withdrawn while for the remaining people, a new bench should be constituted.

The court observed that since the banks were not ready to pursue their cases, the money received should be credited to the dam fund. The court had then adjourned the matter for date-in-office (Indefinite period).