Central excise package 2002 in j&k

Central government gave industrial package to j&k of 100 % excise exemption and other tax holidays for 10 fromvdate of production years. People started investing by taking bank loans and other sources. In 2008 central government I'm between withdrew the package and parties become bank defaulter and bank filed recovery suits as no of units were closed.what is legal opinion wjethy borrower only is sufferer or any legal remedy.

Answers (1)

224 votes

Legal remedy can be placed in such a case with filing for bankruptcy. Banks or financial institutes can not be held liable as they followed the central government rules and any change in the rules they can not be held responsible.
Though, in court for the same a review petition can be filed in favor of defaulters ( if many or prominent no. of defaulters together file for same cause) it can be proved that the central government change in policy/ rule was responsible and a justified solution or relief can be prayed for the defaulters in such a case from the court.
Make a committee of the defaulters and file a petition on high court.

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