KARACHI, April 5: The Sindh High Court asked two senior vice-presidents of the National Bank of Pakistan to appear personally on April 8 to explain why a borrower’s plea to pay off his debt under a loan repayment incentive scheme was not being decided either way.

The notices were issued by Justice Amir Hani Muslim to NBP senior executive vice-president Darick Cyprin and senior vice-president Saleemullah Chaudhry in a suit filed by the bank for the recovery of more than Rs50 million as outstanding loan from M/s A&Y International.

Appearing for the defendant debtor concern, Advocate Saalim Salam Ansari submitted that it had applied to the NBP for repayment of the suit money under the State Bank of Pakistan’s incentive scheme. More than three months had since elapsed but no response had been received from the creditor bank.

Under the scheme, a borrower buys his own hypothecated goods or property at the forced sale value, which may be 20 per cent less than the market value, and repays the loan in quarterly instalments. The bank, the counsel said, should accept the repayment proposal or state reasons for not accepting it. There would be no need for further proceedings if the proposal was accepted by the bank.