THANKED CM BHAGWANT SINGH MANN FOR INTRODUCING THE OTS SCHEME TO RESOLVE MORE THAN FOUR DECADES OLD PENDING CASES
(MOREPIC1) Face2News/Chandigarh
To provide long awaited relief to industrialists of Punjab, the state government under the leadership of CM Bhagwant Singh Mann has issued notification regarding One Time Settlement (OTS) Scheme for recovery of pending dues of enhanced land cost and principal cost from defaulter plot holders of Punjab Small Industries & Export Corporation (PSIEC).
Industry and Commerce Minister, Punjab Tarunpreet Singh Sond has thanked Chief Minister Bhagwant Singh Mann for introducing the OTS scheme to resolve more than four decades old pending cases to provide long awaited relief to industrialists. He said that the Council of Ministers in its meeting held on 3rd March, 2025 has considered to implement a One Time Settlement (OTS) scheme and within 10 days, the notification has been issued. He said that this move is expected to spur industrial growth, strengthen Punjab's economy and reaffirm the government's commitment to supporting business.
(SUBHEAD)A spokesperson said that as per the notification, OTS Scheme shall be applicable only on Principal Cost of Plot and Enhanced Land Cost of plot. Under this scheme, recovery of pending dues of enhanced land cost and principal cost of the plot shall be recovered after waiver of 100% Component of penal interest and by charging only 8% per annum simple interest on the default amount.
The Principal amount shall not be waived off in any manner. Similarly, this scheme shall be applicable to Scheme Interest (as chargeable) and Penal Interest only and the Original Enhanced Land Cost (Amount paid by PSIEC to land owners including interest as imposed by Hon'ble Court) shall not be waived off in any manner.
He said that all concerned defaulter plot holders/allottees shall be required to clear their dues on or before 31st December 2025. Plot holders/allottees whose allotment already stands cancelled shall also be eligible to make payment of their dues and obtain restoration of cancelled allotment of plot (except cancelled/resumed plots which are lying vacant or which have been re-allotted). For obtaining restoration, other applicable dues covering enhanced land cost, extension fee. damages, if any awarded by Court etc. shall also have to be paid. However, restoration of cancelled plots shall be allowed only if appeal in this regard by the allottee is approved by the Scrutiny Committee and upon payment of outstanding dues as per this OTS scheme and within the time period prescribed under this OTS scheme.
In case, defaulter plot holders/allottees fail to make payment of their dues as per this OTS scheme, dues shall thereafter be charged & recovered as per terms & conditions of their respective allotment(s). He said that this scheme shall apply to the defaulter plot holders/allottees whose original allotment was issued on or before 01.01.2020.
This scheme shall be applicable to all industrial plots/sheds and residential plots in Industrial Focal Points developed by PSIEC throughout the State.