The
Presidents/ CEOs,
All Banks/DFIs
Dear
Sirs/Madam,
REFERENCE
AGAINST WILFUL DEFAULTERS
UNDER SECTION 31-D OF NA ORDINANCE
Please
refer to our Letter No. BSD/RU-55/X/NAB/14084/2001
dated 2nd October, 2001 (copy enclosed for ready reference)
on the captioned subject.
2. It has been noted that financial institutions
do not exercise due diligence while forwarding the cases
of loan defaulters to SBP for referring the same to NAB
under Section 31-D which results in wastage of time and
resources.
3. In order to further streamline the processing
of cases for reference to NAB, it has been decided as under:-
a. Henceforth information circulated vide our
above referred letter may now be furnished as per enclosed
format.
b. The latest position should be provided in
the enclosed performa.
c. The Banks/DFIs should obtain legal opinion
and provide a copy of the same with reference/documents
regarding completeness of the case in all respect with particular
reference to the securities/ charge documents before forwarding
the same to SBP.
d. The Banks should also confirm that personal
guarantees wherever stipulated in terms of loan/facility
have been obtained from the directors of the company. Copies
of the same should be forwarded to SBP alongwith the case.
4. Besides, the Banks/DFIs should
immediately inform about any change/ development in the
case, subsequent to its submission to SBP.
5. Other instructions issued in the matter
from time to time will remain unchanged.