Excelsior Correspondent
Srinagar, Mar 28: The Kashmir Chamber of Commerce and Industry (KCCI) today expressed serious concern over the non-release of pending bills for contractors, urging the Government to clear them before March 31.
In a statement issued here, KCCI said it has received numerous representations from contractors who have completed developmental projects for the Government but remain unpaid.
“This prolonged payment delay has created severe financial distress for local businesses and contractors, many of whom have committed to J&K Bank’s One-Time Settlement (OTS) scheme to liquidate their liabilities,” KCCI stated.
It added that contractors who invested in Government projects by securing bank loans are now facing an unprecedented financial crisis.
“These contractors and government suppliers are at risk, with the threat of property auctions, including their homes, looming if they fail to clear their outstanding amounts by March 31.”
KCCI stressed that with J&K Bank’s special OTS scheme set to conclude on March 31, contractors find themselves in an untenable position.
Despite having fulfilled their contractual obligations and completed Government projects, the trade body said they are unable to settle their liabilities due to delayed payments from government treasuries.
KCCI further stated that it has already taken up the issue with senior officials of the Roads and Buildings Department, highlighting the impact that the non-release of bills will have on contractors, particularly in light of J&K Bank’s special OTS scheme.
“This action is crucial not only for the affected contractors but also for maintaining the overall economic health of J&K’s business ecosystem,” it said.
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