The Board of Directors of Haryana State Industrial and Infrastructure Development Corporation Limited (HSIIDC) today approved One Time Settlement scheme for Doubtful and Loss Accounts.

September 11, 2019
  • Chandigarh, Sept 10 – The Board of Directors of Haryana State Industrial and Infrastructure Development Corporation Limited (HSIIDC) today approved One Time Settlement scheme for Doubtful and Loss Accounts.  The scheme aims to reduce the Non-Performing Assets portfolio of the Corporation.
  • A decision in this regard was taken in the 358th meeting of the Board of Directors of the Corporation held under the Chairmanship of Principal Secretary to Chief Minister, Mr. Rajesh Khullar.While, stating this here today, Mr. Khullar informed that the scheme is applicable for Chronic Non-Performing Assets (Doubtful Loan Accounts and Loss Account) and would remain in force till March 31, 2020.  He said it is expected that during the tenure of this scheme, it would generate recovery of more than Rs.60 crore.Meanwhile, as per RBI Guidelines, a sub-committee has also been constituted by the Board for drafting a Policy for Settlement of Defaults of Non-Performing Assets (NPAs) through Securitization Companies (SCs)/ Reconstruction Companies (RCs) created under the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. This policy would enable HSIIDC to explore the possibility of recoveries of defaults of chronic cases through Assets Reconstruction Companies (ARCs).
  • The Board also took important decisions on other important issues relating to HSIIDC. For promotion of its employees, the Board has also introduced a Departmental Test. Further to boost and encourage employees’ participation in foreign investment discussions, the knowledge of foreign languages like Korean, Japanese and German has been made mandatory. The Board also approved House Rent Allowance to its employees as per latest instructions of Haryana Government.