Rajasthan: Incentive Scheme For Recovery Of Term Loan

The Corporation is encountering problem in the recovery of term loan due to non-availability of key details about the properties of the guarantors, as with passage of time promoters/guarantors willfully change their addresses as well transfer property in the name of other persons. RIICO, Rajasthan Govt has launched an incentive scheme which will facilitate identification of properties of guarantors which can be effectively used for enforcement of decree(s) awarded by the Court and to recover deficit amount of its term loan dues.

Eligibility and Conditions:

• Individuals/agencies/professionals/Nagar Palika which are helping RIICO in order to identify, locate and unravel details about the properties of the guarantors, shall be entitled to receive incentive.
• Employees of the corporation are ineligible for the purpose of identification of properties and hence will not be provided incentives.
• The property details provided by individuals/agencies/Nagar Palika should be other than those on record of the Corporation and the identified property should be free from all encumbrances and enforceable for execution.

Benefits:

Incentive @1% of principal decreetal value/written off amount/deficit amount or 1% of the value of property identified whichever is less will be provided to these individuals/agencies/professionals/Nagar Palika.

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