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| SFC intensifies recovery drive, retrieves Rs 36 lakh from defaulter | | | ASIF IQBAL NAIK
Early Times Report
JAMMU, Dec 14: In order to recover the money from defaulters, the State Financial Corporation (SFC) has initiated stringent measures to make recoveries.
Continuing with its efforts, the SFC achieved a major success by making a recovery of Rs 36 lakh in one go from one of the defaulters, M/s Kashmir Oil Co (P) Ltd, Industrial Estate Zakura, Srinagar.
It is pertinent to mention that M/s Kashmir Oil Co (P) Ltd. Industrial Estate Zakura, Srinagar who availed a loan in the year 1985 and had turned NPA. Since then the borrower and the guarantors of the Company were not depositing the loan liability of the Corporation. The borrower initially applied for settlement of loan, but the Corporation despite giving chance to the borrower to clear the default amount, further provided concession in shape of settlement package for realization of the entire balance, but the borrower failed to fulfill the conditions governing the approved settlement packages and turned into default again as it disobeyed the instruction of the Board of Directors of the Corporation. Interestingly, the borrower created unnecessary litigation and even managed to get stay order from the Deputy Commissioner, Srinagar under the garb of Migrant Property Act saying that SFC cannot sell his property to recover the loan. However after taking over the charge of MD, SFC Rajesh Kumar Shavan, the Corporation has enlisted all the chronic defaulters and accelerated the process of recovery of government money. The Corporation in the last month recovered Rs 2.14 Crore.
Shavan has set the targets of Rs 3 crore for the current month so that the stopped salaries of the poor performing branches could be disbursed in time. It is pertinent to mention that this was the third factory being taken over by the Corporation during the month as per the instructions of the MD. Today under the supervision of Arshid Habib Jallu, Chief Manager (MIS) the team assisted by senior officers of the Corporation coordinated with the Police to take over the unit. However, after the stringent action of the Corporation, the borrower immediately deposited an amount of Rs 36 lakh and produced the receipt enabling the Corporation to withdraw the team from the premises of the factory.
The Managing Director has appealed to the defaulters to deposit their default amount with the Corporation forthwith and to not wait for the Corporation to initiate any stringent action against them. |
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