Jammu, May 28 (KNN) Bari Brahmana Industries Association (BBIA) expressed disappointment over Non-Release of Funds for pending claims amounting to approximately Rs. 40 crores of Central Package of Incentives, J&K by Jammu Kashmir Development Finance Corporation.

In this regard, today a meeting of Executive Committee of BBIA was held here.

Members present in the meeting discussed about  non-release of funds for the sanctioned cases of CIS/Interest/ Insurance Subsidy cases for the period 2015-16 due to which the working of the industrial units are suffering.

“They are not in a position to repay the installments of term loans resulting into NPAs and their Working Capital Limit being exhausted, said BBIA.

BBAI said that the amount  pertaining to the sanctioned claims of the units for the period October 2015 onwards.

“It is the duty of the JKDFC to project the requirement and arrange funds from Department of Industrial Policy & Promotion (DIPP) Government of India on regular basis  for the sanctioned claims. It is a matter of great concern that in spite of the repeated request and reminders, the JKDFC has failed to release the payment of pending claims resulting great resentment amongst the unit holders,” it said.

The Association requested Finance Minister Haseeb A. Drabu &  Industries & Commerce Minister Chander Parkash to take up the matter with Nirmala  Sitharaman,  Commerce Minister for the immediate release of funds. (KNN Bureau)