Srinagar, Apr 26: The Shahr-e-Khas Traders & Manufacturers Coordination Committee and Federations (SKTMCCF) has welcomed the Jammu and Kashmir administration’s move to set up a committee for one-time settlement of loan cases involving local businessmen and MSMEs. However, the traders’ body has raised concerns over the simultaneous issuance of possession orders against non-performing asset (NPA) accounts by banks.
While expressing gratitude for the OTS committee’s formation, a statement said that a crucial step given the challenging business environment in J&K over the past three decades, especially in the Kashmir Valley, the SKTMCCF has appealed to the Chief Secretary to temporarily halt the issuance of possession orders.
The traders’ body has also sought the inclusion of its representatives in the OTS committee, arguing that having voices from the local business community would provide invaluable ground-level insights to ensure practical and equitable decisions for all parties involved.
They stated that an inclusive approach addressing concerns of J&K’s trading community is vital to finding a fair and effective resolution to the vexed issue of NPAs that has plagued the region’s businesses for years.
The SKTMCCF’s appeal comes in the wake of the J&K administration recently setting up a committee headed by the Principal Secretary, Finance, to examine OTS cases of borrowers, including businesses impacted by successive lockdowns and disturbances over the last three decades.