The Central Registrar of Cooperative Societies Vivek Aggarwal has directed NACOF to repay the principal amount along with the interest to NCDC within six months and asked NCDC to waive off the penal interest.
The matter is related to loan default, a case filed by NCDC against the Delhi based National Federation of Farmers’ Procurement, Processing and Retailing Cooperative of India (NACOF) which is currently going on in the court of Central Registrar of Cooperative Registrar, according to the delayed news coming to Indian Cooperative desk.
Vivek Agarwal, has said in the interest of justice and in the spirit of the cooperative movement, NCDC must waive off penal interest to enable Nacof to repay the principal amount along with the interest, provided the entire amount is paid within 6 months of the order.
The hearing on the matter was held in the first week of last month in which Lalit Goel, Chief Director, Pratik Mishra, Assistant Director were representing NCDC and Vipan K Kohli, GM (Admn) and Suraj Rawat, Assistant the Nacof.
The copy of the order sheet given by one of the directors of Nacof to Indian Cooperative reads, ”The representative of NACOF has requested that if the penal interest is waived off then the balance payment will be made within 6 months by the federation. The manager of NCDC informed that the penal interest is as per the policy of NCDC”.
“The Manager of NCDC submitted that NACOF has taken a loan from NCDC for conducting procurement operations in the State of Jharkhand. General Manager, NACOF submitted that their claims in the State of Jharkhand are still pending and the dispute is sub-judice. A large amount of money is under litigation which has restricted and hampered the payment capacity of NACOF. Despite these constraints, NACOF has made payment of more than 7 crore during the hearing before this Authority”, the order reads.
It further reads, that the representative of NACOF requested that they will repay the entire amount along with interest up to date to NCDC in installments within a period of 6 months from their revenue and through their funds but he further requested that the penalty/penal interest imposed on delay in payment may be waived off”.
After consideration of the facts of the case, the Central Registrar has asked NACOF to repay the principal amount along with interest within 6 months. He also warned that if NACOF fails to pay as per the direction then further regulatory action under the provisions of MSCS Act, 2002 will be initiated.
