Loan defaulters get more time to apply for special rescheduling facility

Loan defaulters will get one more month to apply for getting the special rescheduling opportunity by paying 2 percent down-payment. 

The HC bench of justices JBM Hasan and Md Khairul Alam extended the time today.

The court issued the order following a petition of the Human Rights and Peace for Bangladesh.

Earlier, on May 16, the Bangladesh Bank issued a circular giving special loan rescheduling facility allowing defaulters to regularise their loans for 10 years by paying a 2 percent down payment instead of the existing 10 to 15 percent down-payment.

Defaulters were asked to apply under the policy within 90 days from the date of the circular.

Later on May 21, High Court issued a status quo until June 24 on the central bank circular following a writ petition filed by the Human Rights and Peace for Bangladesh.

On July 3, Chamber judge of the Appellate Division of the Supreme Court (SC) stayed the HC order till July 8 and sent it to the SC full bench.

On July 8, the Supreme Court (SC) extended for two months its stay on a HC order that halted the BB circular.

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.