Court Delays Ruling on Loan Defaulter List Removal for Ex-MP Manna
A legal battle continues over the removal of Mahmudur Rahman Manna’s name from Islami Bank’s loan defaulter list. The dispute centres on whether a partial payment of Tk 1.23 crore—just 2% of his outstanding debt—should qualify him for exclusion under banking regulations. The Supreme Court’s Appellate Division has delayed a hearing on his appeal until today.
The conflict began with a Tk 22 crore loan approved by Islami Bank for Afaku Cold Storage Limited in 2010. The company, owned by Manna, his wife, and its managing director, later struggled to repay the debt. By December 2023, the bank demanded full repayment of Tk 38.04 crore to avoid legal consequences.
Manna argued that his Tk 1.23 crore payment met the 2% down payment requirement to have his name removed from the defaulter list. However, Islami Bank insisted on either full settlement or a formal repayment plan, following Bangladesh Bank’s guidelines. The High Court previously rejected his writ petition, ruling that the partial payment did not meet the criteria for removal.
The state further contended that Manna missed a deadline for a special offer that could have cleared his name. Now, the Appellate Division must decide whether his partial payment suffices under banking rules or if stricter conditions apply.
The court’s decision will determine whether Manna’s partial payment is enough to remove his name from the defaulter list. If upheld, the ruling could reinforce the bank’s stance on full repayment or structured agreements for such cases. The outcome may also set a precedent for similar disputes in Bangladesh’s banking sector.
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