Excelsior Correspondent
SRINAGAR, Dec 14: In order to recover the money from defaulters, the State Financial Corporation (SFC) has initiated stringent measures and in an exemplary recovery, the SFC achieved a mile stone by getting a recovery of Rs 36 lakh in one go from the defaulter.
A spokesperson of SFC said that M/s Kashmir Oil Co (P) Limited, Industrial Estate Zakura, Srinagar availed a loan in the year 1985 and had tuned NPA. He said instead of depositing the loan liability of the Corporation, the borrower created un-necessary 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,” he said, adding, the Corporation in the last month recovered Rs 2.14 Crore.
He said Shavan has set the target of Rs 3 cr for the current month and the salaries of the poor performing branches have been stopped. He said M/s Kashmir Oil Co (P) Limited 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,” he added.
The spokesperson said the Managing Director has appealed 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. “The MD has additionally issued instructions to the Standing Counsels of the Corporation to file caveat in each case so that proper stand of Corporation is taken for defending the action in Courts in the large interest of the Corporation,” he further added.
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