ISLAMABAD – The Supreme Court of Pakistan on Monday ordered the State Bank of Pakistan (SBP) to establish a commission to probe into the case of written off loans. A two-member bench of the Supreme Court headed by the chief justice was conducting hearing on cases of written off loans. SBP lawyer Syed Iqbal Haider submitted that according to the bank’s circular No 29, loans could be written off in certain conditions. The CJP, however, said that the misuse of the circular would be reviewed. The court also agreed with the suggestion of the SBP that the commission should be formed under Justice (r) Akhtar.
The commission will review all written off loans from all angles and will submit a report with the Supreme Court. Two other members of the commission will be Yousaf Adil and Rasheed Chughtai. The Supreme Court also directed the SBP to publish the information about the commission in print media, both Urdu and English, for examining the cases regarding the people who had got their bank loans written off. The court directed for publication to be made at the cost of the banks, which shall be deposited by them through Iqbal Haider, SBP lawyer, to the SC Registrar within a period of four days.
