ISLAMABAD - The counsel for the State Bank of Pakistan (SBP) on Monday submitted a report with the Supreme Court saying that a total of 56,336 cases were pending in various courts over recoverable bank loans of Rs 215 billion till December 2009. SBP counsel Syed Iqbal Haider submitted a five-volume report before a four-member bench comprising, Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali, Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday, that resumed hearing of a suo moto case regarding waiving Rs 256 billion bank loans during the period from 1971 to 2009. Giving details of the loans being waived during last two years (2008-09), he said a total of Rs 74 billion amount was written off by various banks. The report said that the amount included Rs 36 billion benefiting as many as 4,46049 borrowers under Rs 5,00,000 loan category while further 8,698 people falling in Rs1 million category also availed the opportunity. The counsel opined that the amount should have increased from the period mentioned above. The court observed that the documents filed by him (the counsel) about two defaulters Indus Sugar Mills and Redco did not bear signatures of the authority concerned of SBP, which was also objected upon by the counsel for respondents as it would have no legal value. The court directed him to get the relevant documents signed by the SBP governor by accepting the personal responsibility. The bench accepted his request for grant of time as he apprised the bench that due to paucity of time, he could not get those documents signed by the competent authority. He said they were also in the process of introducing some amendments over the issue which would require some time. The court noted that for the larger interest of justice, it considered it appropriate to adjourn the case till March 10. At the outset of proceedings, the SBP counsel, to benchs query replied that SBP Circular-29 under which various banks waived loans of borrowers had expired in December 2003. The chief justice questioned by saying for the last two years, there were certain cases in which loans had been waived on basis of Circular-29 which expired in 2003 Syed Iqbal Haider maintained that it was due to pending litigation after the said period, including cases like that of Nazir Cotton Mills case. Some cases were pending for determination of re-evaluation of market prices on account of payment schedules, he added. The CJ said that the loans money belonged to public and it should be recovered for their benefits. Justice Khalilur Rehman Ramday remarked that this was indeed a matter of great surprise that such a huge amount was waived under the same provision of law. He said the industrialists spawned their estates with such loans but did not return a single penny.