Department’s action against taking loan worth crores and not repaying it on time

Hamirpur. The Cooperative Department has decided not to crack down on defaulter loan holders who take loans from Kangra Central Cooperative Bank and do not repay them on time. The department has issued notices to such defaulters. If these loan holders do not repay the loan on time, the department will recover their money by auctioning their movable and immovable property. There is also a provision to send arrest warrant to such borrowers, in which they can be jailed for up to one month.

According to the information, the Cooperative Department has intensified action against the defaulting loan holders of Kangra Central Cooperative Bank. In this sequence, demand notices have been issued by the Cooperative Collector and Deputy Registrar, Northern Region, Dharamshala, against four guilty debtors of Hamirpur district under Section 75 of the HP Land Revenue Act, 1954. His appearance has been scheduled on December 6 at the Assistant Registrar Office, Hamirpur.

It is being told that about Rs 4.7 crore is to be recovered from these loan defaulters. Besides, demand notices have also been issued to nine loan defaulters of Una district. His appearance has been scheduled on December 7 in Hamirpur itself. It is being told that when these loan holders who had taken loans worth crores did not repay the loan, reminders were sent by the bank. Even after that he did not repay the loan.

After that finally the Cooperative Department has intervened in this matter and taken action. According to Collector and Deputy Registrar Northern Region Dharamshala E-Pratyush Chauhan, arrest warrants can be issued against these loan defaulters and a maximum jail sentence of 30 days can also be imposed. The loan amount will be recovered by auctioning the movable and immovable properties of the defaulting loan holders or their guarantors. He has ordered all the loan holders to repay the loan within a day or two, otherwise action is being taken.