Settlement scheme for industry creditors

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Bhopal, Jun 18 (UNI) The Madhya Pradesh State Industrial Development Corporation (MPSIDC) has formulated a settlement scheme for return of money borrowed by it from different banks and trusts for financing industries under the inter-corporate deposit scheme.

MPSIDC Managing Director Praveen Garg told reporters here today that many industries had defaulted in loan repayment as a result of which Syndicate Bank, IDBI, few cooperative banks and provident fund trusts could not be returned the money in time.

The settlement scheme presented before the creditors at a meeting here two days ago is yet to be finalised, he said in the presence of Industry Minister Jayant Malaiya.

Mr Garg said the defaulter industries owed about Rs 800 crore, including interest and Rs 400 crore principal.

The Economic Offences Investigation Bureau, which is investigating into alleged irregularities in loan distribution under ICD scheme, has already filed challans against three industries in the court, Mr Garg said, but declined to reveal the names of challanned industries.

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