SC declines plea for early hearing on ADB loan to Kerala

New Delhi, Mar 29 (UNI) The Supreme Court today declined prayer for early hearing of a petition seeking cancellation of Rs 1480 crore loan being extended by the Asian Development Bank (ADB) to the state of Kerala for development of some its districts.

A bench comprising Justices B N Agrawal, P K Balasubramanyan and P P Naolekar ruled that there was no urgency in the matter and it is already coming up for hearing on April 9.

Counsel for the petitioners Anti-ADB Loan Committee and others contended that the terms of the loan recoverable in 25 years were detrimental to the interests of the state and Kerala High Court has committed an error in dismissing their writ petitions.

A loan of $ 221,220000 was granted on December 8, 2006 by the ADB to the Kerala government and the Central government was also a party to the agreement.

Kerala High Court had dismissed the petitions of the Anti-ADB Loan Committee and others earlier this month.

UNI