Punjab Government nod to new policy aimed at revival of defunct industries : Sunder Sham Arora

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Chandigarh: “The Punjab Government has given it’s nod to a new policy which is aimed at the revival and rejuvenation of defunct industries. Under this initiative, the debt ridden companies as well as the entrepreneurs would be provided an opportunity for the one time settlement (OTS) of the balance amount. ” This was disclosed here today by the Industries Minister, Punjab, Sunder Sham Arora.

The minister further said that the approval has been accorded to the entrepreneurs and the debt ridden companies for the one time settlement of their balance debt amount with the PSIDC and PFC. He also divulged that it would be the last chance for the companies not making the payments.

Arora also added that the One Time Settlement policy -2018 has been okayed and accepted after holding comprehensive deliberations with the promoters of revival and rehabilitation of the industrial sector and also as per the suggestions of the Chamber of Commerce and Industries Association.

The minister further divulged that as per this policy the entrepreneurs and the companies under debt would get a chance to receive the payment of Rs. 80-100 crore and Rs. 7-10 crore under the settlement of their balance debt with the Punjab State Industrial Development Corporation Limited (PSIDC) and Punjab Financial Corporation (PFC) respectively.

The minister also elaborated that the new policy would lead to the release of the hold up industrial assets and also reduce the unnecessary litigation with these corporations. He also said that the policy would also result in the generation of revenue for the development centric initiatives for boosting up the industrial infrastructure. Divulging more, he added that the PSIDC provided Loan to the 861 industrial units out of which 739 had settled the debt with the corporations where as the cases pertaining to only 122 units are pending.

Arora also said that the Punjab Government is fully committed to the revival of the industrial sector in the state. Thanking the Chief Minister Captain Amarinder Singh for according sanction to the policy, the minister said that the new policy would bolster the debt ridden companies as well as the entrepreneurs, it would yield employment avenues for the youth too.