The Kolhapur District Central Cooperative Bank (KDCC) will sell the machinery and land owned by Daulat Cooperative Sugar Factory at Halkarni in Chandgad hobbled by serious financial mismanagement, reports Times of India.
Earlier, the KDCC had decided to lease the factory out to Karnataka-based Kumuda Sugars to protect the interests of local sugarcane farmers. And the Kumuda Sugars had submitted deposits worth Rs 1 crore with the KDCC for clinching the deal. But later they backed out of the deal.
Under the circumstances the KDCC has no choice but to sell the factory to recover the dues and settle the issue forever. Daulat sugar factory has cumulative dues of Rs 350 crore. Of this, Rs 65 crore is basic loan amount.
