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Innocent Admission

Overwhelming Response To Time Extension Allowed To Defaulter Allottees By PSIEC

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Chandigarh, June 21, 2019 (Yes Punjab News)

PSIEC has received overwhelming response from the defaulter allottees of industrial plots of different focal points with respect to the time extension allowed for the commencement of construction and bringing their unit into production. In a major relief to industry, defaulter industrial plot holders have been allowed as a last chance an extension in time period for commencement of production up to the period 30 September, 2020 on payment of prescribed extension fee.

Disclosing this here today, an official Spokesperson of PSIEC stated here that with a view to enlighten and motivate the concerned plot holders, PSIEC has already issued public notice in the leading newspapers published on 09, March 2019 and 01, June 2019. This initiative of the state Government has been welcomed by the industry in general and also by affected plot holders of different focal points.

PSIEC has already issued demand notices to around 3000 defaulter allottees under this scheme. In response, concerned allottees have encouragingly come forward and made payment of their defaulted amount and a sum of Rs. 21 Crore (approx.) have been realized by PSIEC .

He further said that Defaulter allottees have been asked to submit their building plan for approval with concerned applicable authority by 30 June 2019, commence construction at site by 30, September 2019 and ensure to bring their unit into production by 30 September 2020.

This extension in time period shall be allowed subject to the condition that the concerned defaulter plot holder(s) shall have to deposit applicable dues towards price of plot including enhanced land cost along with interest & penal interest and requisite extension fee on or before 30, June 2019 with PSIEC.

The cutoff date for availing the concession is expiring on 30, June 2019. Defaulter plot holders are required to deposit their dues and submit building plan with concerned authority up to 30, June 2019 failing which PSIEC would proceed ahead for cancellation/resumption of sites as time extension has been allowed as a last chance.

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