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Annexure – A RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT ORPORATION LIMITED Udyog Bhawan, Tilak Marg, Jaipur 302005. S
C H E M E Sub : Incentive scheme for
recovery of term loan written off in books 1. BACKGROUND : In order to recover deficit amount of its term loan dues, the
Corporation after sale of mortgaged securities has been filing application U/S 31 of SFC
Act. In as many as 12 cases, the
Corporation has been successful in getting decrees, but is encountering
problem in their execution due to
non-availability of key details about the properties of the
guarantors, as with passage of time promoters/guarantors wilfully change
their addresses as well transfer property in the name of other persons. In order to end this impasse, it is felt that an
incentive scheme will facilitate identification of properties of guarantors
which can be effectively used for enforcement of decree(s) awarded by the
Court. 2. TASKS INVOLVED : In order to identify, locate and unravel details about the
properties of the guarantors, RIICO may have to seek help of
individuals/professionals/agencies/Nagar palika, specializing in the field
and these individuals/agencies/professionals/Nagar palika shall be entitled
to receive incentive. It may be noted that employees of the corporation
are ineligible for the purpose of identification of properties . 3. INCENTIVE SCHEDULE : The incentive to these individuals
agencies/professionals/Nagar palika
can be at the rate of 1% of principal decreetal value/written off
amount/deficit amount/OR 1% of the value of property identified whichever is
less. The amount may be paid on fulfillment of following conditions : a) The property details
should be other than those on record of the Corporation. b) The identified property
should be free from all encumbrances and enforceable for execution. 4. IDENTIFICATION OF CASES
UNDER THE SCHEME : Managing Director will
decide about the cases to be covered under the proposed scheme from tome to
time. 5. ROLE OF F&R CELL : General Manager (F&R)/Cell Incharge
(F&R) Cell shall be the Nodal Officer and shall register those
individuals/agencies/professionals in the line, who are willing to take on
the assignment and issue authorization for the job after registration and
after obtaining the approval of the Managing Director. In case the properties are realizable and
free from all encumbrances, then the registered
agencies/individuals/professionals/Nagar palika shall be paid incentive as per the
incentive scheme as above. The
registration shall be made on payment of
Non-refundable registration fees of Rs.500/- and submission of details
as per Form-A. 6. TIME PERIOD : The registered agencies/individuals /professionals/Nagar
palika shall furnish details of the
properties identified within a period of three months from the date of
allotting of the case for identification, failing which RIICO shall be at
liberty to cancel assignment and assign work to other agencies, 7. VALUATION OF IDENTIFIED PROPERTY: The MRV of identified property shall
be based on report of the empanelled
valuers of RIICO and the decision of
the Corporation would be final in this regard. |
Updation date : 31/10/2011 Updation Friquency : As when required