HC halts special concession for loan defaulters

The High Court (HC) today imposed a status-quo for one month on a Bangladesh Bank circular that had allowed special concession for loan defaulters.

The central bank on May 16 posted the circular on its website, allowing loan defaulters to reschedule their bank loans by paying 2 percent down payment and securing further loan in this way, reports BSS.

Supreme Court lawyer advocate Manjil Morshed filed a petition, challenging the Bangladesh Bank circular and the High Court division bench comprising Justice FRM Nazmul Ahasan and Justice KM Kamrul Kader passed the order after holding hearing on the plea.

“After today’s order, the central bank circular will not be in effect till June 24,” Advocate Morshed said.