Mumbai Drt Slaps Rs 150.53 Crore Notice On Sugar Factory

The Debt Recovery Tribunal (II), Mumbai, recently issued a demand notice for recovering outstandings of Rs 150.53 crore from the Satpuda Tapi Parisar Co-operative Sugar Factory (STPCSF) owed to the IFCI, Industrial Development Bank of India (IDBI) and ICICI.

The Maharashtra government is a guarantor to the loan. ICICI, however, had on December 31, 2002, accepted a payment of Rs 25 crore as a final settlement in respect of the outstandings in principal and interest payments owed to it by various co-operative units in the state to the tune of Rs 125 crore that were backed by a state government guarantee. Out of the Rs 150.53 crore outstanding, Rs 29.25 crore was owed to ICICI.

A source noted that the demand notice, issued on November 29, 2002, was also issued in respect of the chairman of the STPCSF, Purshottam Kalu Patil, to the extent of Rs 10 crore, for which he would be held personally liable.

Of the remaining amount, Rs 60.50 crore is owed to the IFCI and Rs 60.77 crore is owed to IDBI.

A state government official, confirming the development, said: