SC orders formation of commission to review written off loans

The Supreme Court has ordered the formation of a three-member commission, under Justice (r) Saleem Akhtar to review the written off loans and file its recommendations. A two-member bench of the Supreme Court, under the chief justice of Pakistan (CJP), held proceedings of the loans written off case. The counsel for the State Bank of Pakistan (SBP), Syed Iqbal Haider, submitted that according to the bank’s circular no 29, loans could be written off in certain conditions. The CJP remarked that misuse of the circular would be reviewed. The court agreed with the SBP suggestion that the commission should be formed under Justice (r) Akhtar. The commission will review all written off loans from every angle and will submit its report with the Supreme Court. Two other members of the commission are Yousaf Adil and Rasheed Chughtai. The case hearing has been adjourned until April 11.