The Pondicherry Industrial Promotion Development and Investment Corporation Limited (PIPDIC) has revived the ‘Compromise Settlement Scheme’ for its non-performing assets (NPA) accounts with the twin aims of reducing its NPAs.
It would also help struggling industrial units/borrowers to settle their loan dues by availing interest concession.
According to T. M. Balakrishnan, PIPDIC Managing Director and Industries Secretary, the Board of PIPDIC had accorded approval for reintroducing the scheme for NPA accounts as on March 31, 2014 whose sanction is up to Rs. 20 lakh.
The scheme will be in operation till August 31 and eligible units/borrowers who opt for the shcme will pay 25 per cent of the compromise settlement amount up front on or before June 30.
PIPDIC can be approached for units/borrowers wanting to know more about the offer.
