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A Warning for People’s Lease Debt Defaulters
The High Court has warned the non-bank financial institution People’s Leasing to recover the delinquent loans. In addressing debt defaulters, the Superior Court said, he has fallen into legal process. There is no possibility of getting out of here. Don’t try to influence any minister or anyone else here without giving loan money.
The court said that People’s Leasing is a company listed on the capital market. People’s money was deposited here, not some butcher’s. Why do you keep sleeping without giving it to people? Pay all arrears in one go as directed by the court. Then, sit down with the People’s Leasing board or committee and pay the remaining amount in installments. If there is any deviation, you have to go straight to jail.
The only bank of the High Court of Justice Muhammad Khurshid Alam Sarkar made the remarks on Thursday, warning defaulters of People’s Leasing.
Approximately five hundred individuals and organizations have obtained loans from the corresponding People’s Leasing. Of these, 260 people have stopped paying. The amount of the loan in arrears is Rs 1,855 crore. People’s Leasing and Financial Services Limited submitted the list of defaulters to the Superior Court as instructed by the court. According to the list, the Superior Court summoned 260 people on January 19.
In the first phase of the summons, 51 defaulters appeared in Superior Court last Tuesday. Yesterday another 45 defaulters appeared. For those who did not appear in court on the subpoena, the Superior Court said, they will be given another day to appear. If you do not show up that day, you will be arrested and presented in court. The court said that you (the defaulters) have taken money. But he didn’t pay on time. Depositors wander the streets without eating.
At one point during the hearing, some of the defaulters’ attorneys said they wanted time to pay off the loan. You want to know what will happen to some of the borrowers who have passed away. At this stage, the court said, first deposit the money arrears together. Then talk about giving the rest of the money.
Lawyers said many of those who defaulted on their loans did not know how much they owed. The amount of these delinquent loans is increasing. The court said that from the day it stopped paying the fees and will pay the amount of the fees that have been pending so far. The company lives on in the eyes of the law.
A lawyer told the court that the depositors were seeing the light of day in the initiative taken by the court. Outside of court they are arguing that if one or two more companies can be added in this way, investors will be encouraged. It will be a historical event.
So the court said, this is not the court’s job. Why don’t those responsible for it do it? Our job is to sell the organization. Now we have to do this because we want to save the organization. The Superior Court has set March 9 for the next hearing in the case. Those who did not appear on the summons were requested to appear that day.
At this time, said the temporary liquidator of People’s Leasing (Probationary Liquidator). Asaduzzaman Khan’s lawyer, Mezbahur Rahman, Shah Manjurul Haque, Harun-ur-Rashid, Belayet Hossain and others appeared for the borrowers.
PK Haldar and his associates have looted billions of rupees from People’s Leasing. The Bangladesh Bank then applied to the High Court for the termination of the public lease. The court then appointed an independent president and liquidator.
Subsequently, in accordance with the court’s instructions, a list of six categories of defaulters was presented to the High Court, ranging from a minimum of 5 lakh to a maximum. The list shows that the defaulted amount on the sector-based term loans was Tk 691 crore, the default on the margin loans was Tk 72 crore, the default on the mortgage loans was Tk 26.97 crore. and the default on other loans was Tk 92 crore. After reviewing the list, the Superior Court ordered a subpoena.
Ittefaq / AAM
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