sastry vemoory 1691 days ago

The meeting with Banks and contractors relating to road projects is long overdue. It will be good if the meeting is used to identify the lapses and acts of omission and commission on the part of all concerned including the contractors, the Banks and the Government itself. Where cost overruns have occurred because of delay in acquisition of land and its delivery to the contractors the Government may allow the relative Credit not to be attract provisioning by Banks. On the other hand where cost overruns are attributable to negligence and transfer of funds for other purposes, the relative Credit should be recoverable by Banks being empowered and enabled to seize the Borrowers' and Guarantors'Assets and sell them or hand them over to Receiver for recovery of the overdue debts.