ISLAMABAD - A total of 56,336 recovery suits and execution involving more than Rs215 billion are pending with various banking tribunals and high courts. Of these 14,693 cases involving outstanding amount Rs15.69 billion have been pending for more than ten years. Chief Justice of Pakistan Iftikhar Mohammad Chaudhry during the proceedings of written-off loans had stated they would direct the courts and the banking tribunals, where the cases of written-off loans were pending, to dispose them of in three-month time and the apex court would monitor it. According to the document available with The Nation, total number of cases pending for less than a year are 11,157 worth Rs84.27 billion, while 30,486 cases worth Rs115.08 billion and 14,693 cases of Rs15.69 billion are pending with the banking tribunals and various high courts for more than ten years. The total number of suits by banks and DFIs in banking courts and high courts are 23357. Out of those, 6,693 cases worth Rs21.06 billion are pending for less than one year and 10,011 worth Rs16.95 billion are pending for one to ten years. However, 5,978 cases of Rs1.49 billion are pending for more than ten years. The total number of suits in high courts is 675 worth Rs105.37 billion. Out of these, 264 cases worth Rs54.88 billion are pending for less than one year, while 333 cases amounting to Rs44.49 billion are pending for one to ten years and 78 cases worth Rs6.01 billions are pending for more than ten years. The document mentions that the total executions filed by banks/DFIs in the banking courts and high courts till December31, 2009 are 32979 case of Rs70.16 billion. Out of these, 4165 cases worth Rs4.66 billions are pending for less than one year, while 19,938 cases amounting to Rs23.50 are pending for one to ten years and 8550 worth Rs4.63 billion are pending for more than ten years in the banking courts. In the high court, 35 cases worth Rs3.67 billion are pending for less than one year, while 204 cases of Rs30.14 billion are pending for one to ten years and whereas 87 cases worth Rs3.56 billions are pending for more than ten years. Uzma Wadood, a manager of a bank, told that the protracted and cumbersome legal processes and prolonged litigation in the execution of decrees is also one of the major impediments in the timely recovery of the defaulted loans. She said that Financial Institutions (Recovery of Finances) Ordinance, 2001 was an important development. However, the new law and the establishment of dedicated banking courts have also not been effective in recovering defaulted loans through the legal process. In the last hearing the Supreme Court on the request of State Bank of Pakistans governor ordered for the constitution of commission headed by Justice (retd) Saleem Akhtar, former judge of SC, comprising Rashid A Chughtai, ex-DG SBP, and Yousuf Adil, chartered accountant. The banks have been directed to publish the terms of reference prepared by the State Bank of Pakistan and the detail about the commission so that if barrowers or the customers have any objection regarding the commission or its terms and reference of the commission they could appear before the court in the next date of hearing and adjourned the case till April 11, 2011.