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| JK SFC takes over property of Satguru Agro Food Products | | | ASIF IQBAL NAIK
Early Times Report
JAMMU, Dec 3: In order to recover the money from defaulters, the State Financial Corporation has initiated stringent measures. Continuing the same mission, the J&K State Financial Corporation took over the property of M/s Satguru Agro Food Products Village Kotli Rayian R.S. Pura, Jammu under the guidance and patronage of MD, SFC Rajesh Kumar Shavan. The unit was financed by the Corporation in the year 2013 and the Corporation provided financial assistance to the tune of Rs.115.76 lakh to the borrower for setting up a unit for manufacturing of food based items.
However after first tranche of loan was disbursed to the loanees account, the borrower initially committed default and the loan account turned NPA. Since inception, the contentions of the borrower towards the repayment spirit dwindled considerably which brought about cataclysmic changes in the repayment schedule and with the incidence of default which was piling up substantially in the loan account to the tune of Rs.1.81 core as on date. The Corporation despite giving several chances to the borrower to clear the defaulted amount, further provided concessions in shape of settlement packages for realization of the entire balance, but the borrower failed to fulfill the conditions governing the approved settlement packages of the Corporation.
The Corporation was left with no alternative but to initiate legal action against the borrower under Section '29' of SFCs Act, 1951 for realizing the entire balance outstanding of Rs. 1.81 core. The Corporation eventually ended up getting back the possession of the property of the unit. |
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