Borrowers of Troubled Cooperatives Given 15-Day Deadline; Passport and Bank Accounts May Be Frozen
Borrowers, promoters, and guarantors of troubled cooperatives have been given a 15-day deadline to clear their dues.
Problematic Cooperative Management Committee has issued a final 15-day notice to borrowers, promoters, and guarantors of several troubled cooperatives to settle their outstanding loans.
The committee, operating under the Ministry of Land Management, Cooperatives and Poverty Alleviation, stated that this action was taken after repeated notices failed to ensure repayment of principal and interest.
According to the notice, failure to clear dues within the deadline will result in public disclosure of defaulters’ names. Additionally, authorities may freeze passports, bank accounts, and assets, and proceed with collateral auctions to recover the dues.
Borrowers associated with major troubled cooperatives such as Standard, Pacific, Prabhu, Oriental, Shivashikhar, and Laligurans are also included under this action.
The committee has urged all concerned individuals to repay their dues within the given timeframe to avoid legal consequences.