A three-member bench of the Supreme Court (SC), headed by Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry, heard the written off loans case on Thursday. During the course of hearing, the chief justice rejected the draft of the new law prepared by the State Bank of Pakistan, saying most of its points were unacceptable to the court and should be revised. However, on the assurance of the State Bank, the court accepted the draft and ordered that it should be converted into a law. According to the new law, loans written off cases would be decided by a commission. The chief justice said that the process of giving and forgiving loans should be transparent. He said that the authority to write off loans could not be entrusted on the banks alone. The chief justice noted that common man could not open even a bank account without an acquaintance, but the bank account of an influential person is opened on a telephone call. The chief justice said that Section 25 AA of the Banking Ordinance had absolutely been ignored. The chief justice ordered that the commission, which was set up in written off loans cases, to start work immediately. Sardar Muhammad Raza Khan has been appointed as the head of the commission.