ISLAMABAD, Oct 2: The Supreme Court on Tuesday dismissed the appeal of Dadabhoy Cement Industries, biggest defaulter of the National Development Finance Corporation (NDFC), allowing the government to initiate process for recovery of loan after one month.

The SC bench, comprising Justice Shaikh Riaz Ahmed, Justice Mian Mohammad Ajmal and Justice Tanvir Ahmed Khan, after hearing Khalid Anwar, counsel for the NDFC, and Abdul Hafeez Pirzada, counsel for Dadabhoy Cement Industries, dismissed the petition.

The court directed the counsel of NDFC not to initiate the process for the recovery of loan less than 30 days after the order.

The counsel for National Development Finance Corporation stated that Dhadabhoy Cement owed Rs1,200 million to Rs1,300 million, and Dadabhoy Energy owed Rs430 million to the corporation.

The petitioner’s counsel contended that his client had already paid more than the principal amount.