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| MD issues notice to borrower, guarantors against default of Rs 1.80 cr | | Auction of defaulters' assets begins | | Early Times Report
JAMMU, Nov 22: In order to carry out the recoveries from the defaulters of the loans, the State Financial Corporation (SFC) has initiated the process of auctioning defaulters' assets. The government has wiped off the loans of several borrowers to the tune of approximately Rs 1800 crore.
As per the details available with Early Times, Managing Director SFC issued first notice to borrower and guarantors against default of Rs 1.80 crore. The sources told the Early Times that more such auctioning of property will likely take place in Union Territories of Jammu and Kashmir and Ladakh. Sources said that the lists of chronic defaulters and guarantors is being compiled by the SFC that started the exercise to recover the amount from the defaulters soon after joining of Rajesh Kumar Shavan in Corporation following which there has been substantial increase in recovery process.
Sources further told that Shavan has contemplated to even put the government to notice for non-payment of at least Rs 2000 crores as reimbursement money despite decision of board of directors. Pertinently the government waived off the loans taken from SFC in the past to keep defaulters happy, but didn't reimburse this amount to SFC pushing this corporation to losses and debt.
It was a deliberate attempt to weaken SFC and push its other competitors like banks so that all frauds are committed safely within those banks. |
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