CJ warns loan defaulters

CJ warns loan defaulters

Updated at: 1608 PST, Tuesday, December 22, 2009 ISLAMABAD: ISLAMABAD: The Supreme Court has issued a final warning to the persons who got their loans written off during the last 38 years. Chief Justice Iftikhar Chaudhry in his remarks criticized the government on failure of recovery from defaulters and said court is ready to take on any resistance. A three-member bench of Supreme Court headed by Chief Justice Iftikhar Chaudhry heard Rs.54 billion written off loans case. The State Bank submitted the list of Rs.193 billion loans written off from 1997 to date. The court has directed central bank to prepare a list along with other banks of loans written off during 1971 till date. Chief justice in his remarks said only one chance will be given to defaulters to return the loans and action will be taken against them if they will fail to do so. He said SC is ready to take the blame if anyone raises the question why the court is doing this. The country is facing uncertainty, financial irregularities and corruption, he added. The SC has adjourned the hearing till February 2.