ISLAMABAD - A Supreme Court bench headed by Chief Justice Mian Saqib Nisar on Friday refused to entertain an appeal, seeking an adjournment in a case related to the written off loans.
Almost 90 percent of the people present inside Courtroom Number-1 stood up and started gathering around the dais when the case related to written off/non-performing loans (NPL) worth billions was taken up.
The three-member bench headed by Justice Nisar heard the sou-moto case about the written off loans by influential persons in the last four decades.
The apex court had initiated the suo motu proceedings in 2008 on press reports that the State Bank of Pakistan quietly allowed commercial banks to write off NPLs under a scheme introduced by former president Pervez Musharraf.
Some of the people from a list of a total 222, who got their loans waived off in the past, showed up in the court either in person or through their legal counsels.
The bench declined repeated requests for adjournment made by lawyer Farooq Hamid Naek.
Naek sought an adjournment on the ground that he was busy in upcoming elections which was rejected by Justice Nisar saying: “You should leave the case and contest the election because we will not adjourn the proceedings in this case”
“We will have to recover billions of rupees, which had been stolen from the public exchequer in the name of loan writing off and it is not an easy job,” the chief justice observed adding: “We will hear this case two hours on a daily basis to reach a conclusion.”
Another lawyer pointed out that some of the respondents were missing as their addresses could not be found and the court may direct the Securities and Exchange Commission of Pakistan (SECP) to provide the details, but the court also declined the request.
“The court will not waste time with the SECP. We will hear only those, who are here and the rest of the people will have to face ex-parte proceedings,” Justice Nisar remarked.
The chief justice observed that those who will fail to return the money will have to face seizure of their assets.
At the last hearing, the Supreme Court served notices to 222 persons, who had got their bank loans written off illegally, according to a summary submitted by the State Bank of Pakistan.
The court had ordered the respondents to submit their concise statements. The apex court relisted the case for hearing on June 19.
Return waived loans or face assets seizure: CJP