Source: The Sangai Express
Imphal, August 12:
Acting on a complaint filed by Manipur Industrial Development Corporation (MANIDCO) Ltd, Debt Recovery Tribunal (DRT), Guwahati has seized the properties of Juicy Fruit Industries as the latter failed to return the loan taken from the Corporation.
According to a statement issued by MANIDCO Chairman and MLA N Mangi Singh, the Corporation had sanctioned a total amount of Rs 19.92 lakhs including a term loan of Rs 15 lakhs on June 16, 1989 in the interest of encouraging the industrial unit to utilise the locally available fruits for extraction of juice and stop export of fruits from outside the State.
But as the unit failed to return the loan amount and the payable interest amounting to over Rs 1.01 crores, MANIDCO lodged a complaint with the DRT, Guwahati on January 16, 2003.Subsequently, DRT registered a case and passed an order on February 17, 2004 directing the industrial unit to return the loan amount along with the interest to MANIDCO.
The Juicy Fruits Industries did not respect the order of the DRT, following which the Recovery Officer of the Tribunal arrived and attached all the land and the properties which are kept as security for availing the loan on June 29, 2007.In case the value of the land and properties seized is not enough to cover the full amount of the debt, DRT may also attach the properties of the heirs of the guarantor and proprietor of the Juicy Fruit Industries to recover the remaining amount, the Chairman said.
He also appealed to all other defaulters who have taken loan from the Corporation to repay the principal loan amount, without the payable interest within September 7, 2007 and help in smooth functioning of the Corporation.
Otherwise legal action would be initiated, he warned.