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SCHEME FOR REVIVAL OF UNITS UNDER POSSESSION BY
ORIGINAL PROMOTERS/BORROWERS –2004-05

1. ELIGIBILITY

The units taken into possession on or before 31.8.04. However, the cases where sale letter has already been issued and offer is still valid would not be covered under the scheme.

2. REGISTRATION

The original promoter/borrower intending to take back possession of the unit will be required to register his case by depositing the amount of Rs.2000/- by 31.10.04 Registration fee is non refundable/non adjustable.

3. PACKAGE

Concessions/facilities to be extended-
i. Waiver of balance penal interest as on date of possession.
ii. Simple rate of interest shall be charged for possession period.
iii. Funding of remaining interest outstanding @ 10% p.a. The funded interest will be recovered in maximum 3 years (including moratorium period of six months)
iv. Reschedulement of principal for 5 years at documented rate including moratorium period of 1 year.

4. MODE OF PAYMENT

Initial payment

The promoter/borrower will have to pay 10% of the outstanding while taking over the possession back from the corporation as initial payment.

The promoter/borrower will be required to make initial payment within 15 days from the date of registration of the case.

In case of failure at the part of promoter/borrower, the corporation will be free to take action for disposal of unit.

Note: The amount outstanding shall be calculated after deducting the concessions to be allowed on account of waiver of balance penal interest and adding simple interest for possession period plus other money.

5. OTHER TERMS AND CONDITIONS

(a) The promoter/borrower will have to submit post dated cheques for quarterly instalments alongwith future interest in respect of funded interest and principal amount.
(b) The promoter/borrower will have to submit an undertaking that he will adhere to the repayment schedule and in the event of default, the corporation may take possession of the unit without further notice.
(c) The promoter/borrower will execute required documents/modification deed etc.
(d) The promoter/borrower will have to withdraw the court case if any pending before taking over possession.
(e) Concessions/facilities declared by state government shall also be available as per norms.
(f) Units registered shall not be put to auction for which an advance notice be given through corrigendum/notice board.

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