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SC lets defaulters reschedule loans,  blocks fresh loans

Published : Tuesday, 9 July, 2019 at 12:00 AM  Count : 788

The Supreme Court (SC) Monday extended for two months its stay on a High Court (HC) order that halted Bangladesh Bank's circular allowing defaulters to reschedule their loans with a repayment period of up to 10 years and get further loans.
The apex court however issued a condition saying that the loan defaulters would not be allowed to get further loans by depositing two per cent down payment of the total loan amount.
The court also asked the HC bench led by Justice JBM Hassan to hear and dispose of the petition filed in this regard within two months.
A four-member bench of the Appellate Division of the SC headed by Chief Justice Syed Mahmud Hossain passed the order after a petition filed recently by the finance ministry seeking stay on the HC order.
On July 3, Chamber judge of the Appellate Division of the SC, Justice Md Nuruzzaman stayed the HC order till today (July 8) and sent it to  the SC full bench.
On May 16, the central bank offered special privileges for loan re-scheduling and one-time    payment. Defaulters were allowed to re-schedule loans with 2 percent down payment.
Besides, defaulters will be able to pay the rest of their loans in 10 years and they can also take more loans from the bank.
On the same day, the court ordered the central bank to submit a list within June 24 of those who defaulted on loans above Tk 1 crore in the past two decades, the amount of loan that got interest waiver and measures taken to prevent irregularities when providing such waivers.
The HC on May 21 ordered maintaining a status-quo until June 24 after hearing an appeal filed by Human Rights and Peace for Bangladesh filed seeking a commission to recommend restriction on loan interest waiver and probe irregularities in the sector.    










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