Loan waiver case: Consensus reached on two dams: CJP

ISLAMABAD: The Chief Justice of Pakistan (CJP) disclosed on Saturday that a 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 the hearing into a case related to Rs54 billion worth of loan waived by 222 individuals and companies. During the course of hearing, the CJP said a consensus has developed during a key meeting with experts and various stakeholders earlier this week. He said 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 CJP said some of the defaulters have expressed the willingness to pay 75 percent of the written-off loan, whereas the cases of those who did not return the amount would be sent to the banking courts.

Earlier this week, the CJP directed the loan defaulters either to pay 75 percent of the principal amount they had borrowed from the National Bank or face trials at the banking courts. The CJP had warned if the loan defaulters failed to do the needful, their cases would be referred to the banking courts. The Chief Justice Mian 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 have no right to remain in their positions.

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 in accordance with the report of the Commission constituted by this court, action against 222 individuals, companies is recommended as the loans were not written-off in accordance with the law.

On Saturday, the chief justice said the properties of defaulters, opting for pursuing their cases in the banking courts, would be attached and linked with the instant case, adding that till the decision of the banking courts, the defaulters would have to deposit the waived off loans, with the apex court. The chief justice further said they would ask the banking courts to decide the cases within three days, adding the judges of the banking courts would work day and night to decide the instant cases within the stipulated time. The CJP 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 them, the defaulters would have to return the whole amount.

The CJP while addressing Farooq H Naek, senior lawyer, representing some defaulters said he should contact his close friends to extend their financial support to this national cause. Naek contended that his clients have not got their loans waived off by 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 requests him to ask his clients to return the borrowed money. Naek submitted that those who have already returned the money should at least get some remedy and get justice. Naek said nation to be indebted to CJP. The chief justice asked Naek that he should decide and inform the court. Meanwhile, the court directed the formation of a special bench to hear the instant matter and adjourned further hearing until July 4.