Illegal waivers: CJP orders defaulters to repay 75% written-off loans

ISLAMABAD: The Chief Justice of Pakistan on Thursday again ordered defaulting companies and individuals to repay 75 percent of the principal amount of written-off loans.

Chief Justice Mian Saqib Nisar was hearing a suo motu case pertaining to illegal waivers of bank loans worth billions of rupees by influential persons and companies.

During the hearing, the top judge ordered implementation of repayment of 75 percent of the principal amount of the illegally waived loans, and remarked that those companies/individuals who want to follow the orders should inform the court.

The defaulting parties should also inform in how many days they will return the amount, the chief justice remarked.

CJP Nisar observed that the court has to allocate the repaid amount towards 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 are 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.

The CJP had warned earlier in June that the Supreme Court would send all 222 cases of illegal loan waivers to the banking courts if the accused did not avail the offer.