Islamabad: CJP Saqib Nisar ordered that people should return money whose loans were previously waived off.
He further added that their assets should be sold if they fail to pay their loans. Supreme Court three-member bench was hearing a Sou Motu case on SBP. However, the case is about enabling commercial banks to discount non-performing credits assessed at Rs54 billion. It was because of policy presented by the ex-president Pervez Musharraf.
Amid the case hearing on Thursday, the legal advisors of a private bank and National Bank of Pakistan showed up under the watchful eye of the court. NBP legal advisor told the court that SBP is the fundamental party for the situation, while the private bank’s legal advisor said that SBP is an administrative expert while it was the banks which postponed off the credits. The private bank attorney said that the National Bank Commission had commented that the case perhaps from the past yet bank is keen on recuperating the sum which was postponed off as credits.
During the hearing, Private bank’s lawyer revealed that the waived off amount is around Rs. 54 billion. Justice Saqib Nisar elaborated that these are the old cases and that is the reason for their reopening. He also asked details about the 222 loan cases that were waived off on the political ground.