SRINAGAR: The Federation of Chambers of Industries Kashmir (FCIK) said it regretted the action of JK Bank to seize an industrial unit at IGC Lassipora within just two months of downgrading of account of the enterprise.
“JK Bank officials forcibly took possession of an industrial unit M/s Mehfooz Agro Products at Industrial Growth Centre Lassipora on Tuesday which has been set up in 2017 by a highly educated young person who had topped in the MCA examination,” the FCIK statement said.
Offering details the statement said the unit is engaged in the processing and export of walnut, and almond kernels and had received a severe setback during Covid19.
“Despite this, the entrepreneur was regular in servicing his cash-credit facility of Rs 69.50 lacs and paying installments towards Guaranteed Emergency Credit Line (GECL) of Rs 14 lacs sanctioned in his favour under a scheme approved by GOI to combat the crises caused by the pandemic and guaranteed by GOI,” the statement said. “According to the promoter of the unit Shahid Gulzar, he had already paid back Rs 7 lacs out of Rs14 lacs of GECL and had also paid 50 thousand rupees during the month of May itself when his account was downgraded at the end of the month.”
Although the bank had demanded a payment of Rs 42000 more, the statement said, “yet he could not arrange and make for the reason that he was completely busy in the hospital with her ailing young wife who suffered from a terminal illness which was well in the knowledge of bank officials, explained the promoter.”