The court also issued a rule, asking the central bank why it should not be ordered to set up a commission to eliminate mismanagement, corruption and irregularities in the financial sector
The High Court has set November 3 as the date for delivering the verdict on loan rescheduling and establishing a commission to stop irregularities, corruption and mismanagement in the financial sector.
A High Court bench of Justice JBM Hassan and Justice Md Khairul Alam on Monday fixed the date after hearing a writ petition filed on the issue by non-government organisation Human Rights and Peace for Bangladesh.
Attorney General Mahbubey Alam stood for the finance ministry, Advocate Ajmalul Hossain QC stood for the Bangladesh Bank and Advocate Shah Monjurul Hoque stood for the Bankers' Association of Bangladesh at the court.
On the other hand, Advocate Khurshid Alam Khan argued on behalf of the Anti-Corruption Commission.
The court also issued a rule, asking the central bank why it should not be ordered to set up a commission to eliminate mismanagement, corruption and irregularities in the financial sector and to take steps as per the recommendations of the commission.
In the meantime, the Bangladesh Bank on May 16 issued a circular allowing defaulters to reschedule their classified loans with a two percent down payment.
But the High Court, following the writ petition of the human rights organisation, on May 21 issued a status quo till June 24 on the central bank's May 16 circular. On June 24, the central bank finally submitted a list of loan defaulters to the court.
Later, the Bangladesh Bank appealed against the High Court order in the Appellate Division. On July 2, the chamber court of the Supreme Court's highest division stayed the High Court order.
The Appellate Division on July 8 extended the duration of the status quo by another two months.
However, it said those who would take the 2 percent down payment facility would not be allowed to take fresh loans from banks. The division also asked for a new hearing in the court of Justice JBM Hassan.
As per the order, the High Court heard the writ petition on Monday and set the date for verdict.