Rajasthan has its share of 88 willful defaulters” who owe banks more than Rs1 crore or more till June 30, 2017, according to Credit Information Bureau (India) Ltd, or CIBIL, a company set up by banks to collect defaulter information. Together, they owe banks Rs 447.83 crore.
Liquor baron Vijay Mallya hit the headlines because of his Rs 7,000-crore default but Rajasthan too has its share of 88 willful defaulters” who owe banks more than Rs1 crore or more till June 30, 2017, according to Credit Information Bureau (India) Ltd, or CIBIL, a company set up by banks to collect defaulter information. Together, they owe banks Rs 447.83 crore.
Prominent among the willful defaulters is Kamla Singh, wife of Ajay Singh Kilak, the corporate affairs minister.
The HM Pipes is the second biggest willful defaulter in the state. As per the report of CIBIL, Andhra Bank has filed a case to recover Rs 24.70 crore from the directors of HM Pipes -Vivek Katiyar (DIN number-227145), Chetan Choudhary (DIN number--419671), Kamla Singh (DIN number-432245) and Anita Katiyar (DIN number-419878).
As per the information, in the affidavit of Kilak, submitted to election commission, he has given loan of Rs 24.85 lakh to HM Pipes in which his wife is one of the directors. The DNA made repeated calls to Kilak on his mobile to get his response but his phone was switched off. Who is a willful defaulter?
The Reserve Bank of India defines a “willful default” under these circumstances:
(a) The unit has defaulted in meeting its payment / repayment obligations to the lender even when it has the capacity to honour the said obligations.
(b) The unit has defaulted in meeting its payment / repayment obligations to the lender and has not utilised the finance from the lender for the specific purposes for which finance was availed of but has diverted the funds for other purposes.
(c) The unit has defaulted in meeting its payment / repayment obligations to the lender and has syphoned off the funds so that the funds have not been utilised for the specific purpose for which finance was availed of, nor are the funds available with the unit in the form of other assets.
(d) The unit has defaulted in meeting its payment / repayment obligations to the lender and has also disposed off or removed the movable fixed assets or immovable property given by him or it for the purpose of securing a term loan without the knowledge of the bank/lender.
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