Farmers’ loans are not waived in the country. And the owner of the corporate company ‘G’ group, Bipol, is given a discount. A loan of 22 thousand crores is waived by paying only 6.5 crores. The National Company Law Tribunal (NCLT) will have to change this decision.
The CPI(M) Polit Bureau made this demand in a statement on Friday. On this day, CPI(M) General Secretary MA Baby said in Kolkata, if the common man takes a loan, there is no exemption. The government does not waive the loans of farmers. And Subhash Chandra, the owner of the ‘G’ group, which is close to the BJP, got exemption. According to the NCLT decision, it has been decided that the loan of Rs 22006.57 crore will be repaid by returning only Rs 6.5 crore
The Polit Bureau said that Subhash Chandra’s closeness to the BJP and the Sangh Parivar is well known. The class bias is clear in this order. The financial institutions that had lent will suffer a loss of 99.97 percent. LIC Housing Finance had applied for a refund of Rs 1322.39 crore. This institution will get only Rs 38 lakh, 0.028 percent of the loan.
The Politburo said that it is a matter of deep concern that this tribunal is continuously giving huge concessions to corporate companies. The loyal government is providing huge profits to corporate companies. On the one hand, it is providing huge loans. After a few years, the NCLT is giving huge concessions in loan repayment.
The Politburo said that corporate pockets are being filled with taxpayers’ money. Politically influential corporates are getting huge loans. Then they are being exempted from the obligation to repay the loans in the name of haircuts. This facility is being given to the party in power in exchange for services.
The Polit Bureau said that there are thousands of debt-ridden people in the country. There are agricultural workers, women, daily wage workers. They do not get relief, many commit suicide. Poor people face threats and even eviction if they cannot repay even a small amount. According to the Reserve Bank, domestic debt in the country is 45.5 percent of GDP, the highest. In response to RTI, it was revealed that 74 percent of small borrowers who have taken loans of less than one crore rupees repay the entire amount. But only 14.5 percent of large borrowers who have taken loans of more than 100 crore rupees repay the loan amount.
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