Pay 25% principal amount on the loans got waived, CJP offers illegal waivers

Pay 25% principal amount on the loans got waived, CJP offers illegal waivers

Islamabad (Staff Report/Agencies): The Supreme Court (SC) on Tuesday warned illegal loan waivers to send all 222 cases to the banking courts if the accused did not pay 25 per cent principal amount on the loans they got waived illegally.


A three-member bench headed by Chief Justice of Pakistan (CJP) Saqib Nisar heard a suo motu case on illegal waivers of bank loans by influential persons and companies.

During the hearing, the CJP lamented that the Pakistani nation carried a huge debt burden. If we fail to bring back the nation’s wealth then we don’t deserve to occupy this office, he remarked.

Nisar offered the illegal loan waivers to pay 25 per cent principal amount on the loans they got waived illegally.

The top judge warned that the apex court would send all 222 cases of illegal loan waivers to the banking courts if the accused did not avail the offer.

We will instruct the banking courts to wrap up all the cases within six weeks, the chief justice remarked.

The accused would be instructed to submit the 25 per cent principal amount to an account opened in the Supreme Court’s name, he stated, adding that the court may decide a markup itself.

The court adjourned hearing of the case till Wednesday, June 27.