LAHORE, Nov 24: The Corporate and Industrial Restructuring Corporation (CIRC) is in the process of acquiring 81 non-performing accounts involving an outstanding amount of Rs16 billion from Habib Bank Ltd.

This was stated by CIRC chief executive Javed Hamid while speaking to reporters here on Monday. “We have signed the documents and hope to acquire the NPAs in next three to four (working) days,” he said.

He said the CIRC also planned to assume NPAs of Zarai Taraqiati Bank Ltd and Industrial Development Bank of Pakistan in future. “Apart from this, the government is also in process of amending the CIRC law to enhance the scope of the corporation in order to synergize the efforts for the quick revival of the sick industry,” he said.

APP adds: The board of directors of CIRC will meet in Lahore during December with Finance Minister Shaukat Aziz in the chair.

The meeting will be attended among others by Privatization and Investment Minister Abdul Hafeez Sheikh, Commerce Minister Humayun Akhtar Khan, State Bank Governor Dr Ishrat Hussain, CIRC CEO Javed Hameed and private sector members of the board.

The CIRC CEO said that about 25 cases of non-performing loans’ settlement would be presented at the meeting for approval.

He said that resolution of 179 NPAs with an outstanding amount of Rs30 billion by the banks was made by CIRC and added that the corporation also made recovery of Rs864 million against two overseas loans which were in default for the last two decades.