To rehabilitate sick industrial units, the Punjab government has decided to extend one time settlement (OTS) scheme up to December 31.
Sources told FE that initially a similar scheme had been launched on December 3 for a period of 90 days. The scheme had been put on hold later in view of Parliamentary elections. Council of ministers decided at a meeting on December 10 to give another chance to those units that had failed to avail the facility. The decision has provided much needed relief to those industrial units that had raised loans from the Punjab State Industrial Development Corporation, the Punjab Agro Industries Corporation and Punjab Financial Corporation but had gone into losses either because of recession or poor demand.
Punjab’s industries minister, Manoranjan Kalia said Punjab State Industrial Development Corporation is saddled with a total outstanding loan amount including interest of Rs 1,909 crore.?
Kalia told FE, ?in case of the Punjab Financial Corporation, the outstanding amount was Rs 2,387 crore while the principal amount outstanding was Rs 212 crore only?.
?Punjab State Industrial Development Corporation (PSIDC) and Punjab Financial Corporation (PFC) had secured commitments of availing OTS scheme to the tune of Rs 120 crore and Rs 68 crore respectively and as such more units could be extended the facility of OTS?, official informed FE.