The salient features of the package are divided in two parts.
The part one pertains to time expired cases (profit and loss account relating to simplified schemes). The second part relates to time remaining cases (simplified and new simplified schemes).
The salient features of the part one are: All partners account in which agreed period for repayment has been expired will stand frozen with effect from 30.6.2004; no further rent/profit will be charged on these accounts; the partners will pay the audited outstanding balance in 36 equal monthly instalments through post dated cheques; the names of those partners, who will apply for relief under this scheme will be excluded from the list of defaulters and no recovery action will be taken against them until they default under the new arrangement.
The cases of those partners who will not opt for this facility will be dealt with under normal recovery law; all those cases where benefit of remission under any scheme has been granted will also be entitled to avail of benefit under this scheme.
The salient features of part two (time remaining cases) are: All partners who have availed of investment under simplified and new simplified and where the repayment period has not expired will be entitled to avail of benefit under this relief package.
In all such cases profit will be charged at a fixed rate, ie, 10 percent from 1.7.2004 till full realisation of investment; the partners will pay the revised monthly instalments through post dated cheques; the name of those partners, who will apply for relief under this scheme will be excluded from the list of defaulters and no recovery action will be taken against them until they default under the new arrangement; the partner, will sign modification deed which will include clause for permission to assign debt; the cases of those partners who will not opt for this facility will be dealt with under normal recovery laws.