Only Rs 1.7 lakh cr likely from bankruptcy proceedings: Chidambaram
New Delhi, June 6: With Union Minister Arun Jaitley declaring all those who owed money to the banks have been declared insolvent and removed from their companies under the Insolvency and Bankruptcy Code, Congress leader P. Chidamabaram said on Wednesday that only Rs 1.7 lakh crore is expected to be recovered out of Rs 4 lakh crore loans involved in the proceedings.
"Out of Rs 4 lakh crore loans involved in Insolvency & Bankruptcy proceedings, only Rs 1.7 lakh crore is expected to be recovered," Chidambaram said in a tweet.
Congress President Rahul Gandhi had alleged earlier in the day that the Modi government had written off loans worth Rs 2.50 lakh crore of some top industrialists.
Jaitley had responded to Gandhi by stating in an article that the government has not waived of a single rupee due from any industrialist. "Those who owed money to the banks and other creditors have been declared insolvent and removed from their companies by IBC (Insolvency and Bankruptcy Code) enacted by Prime Minister Modi's government. These loans were given largely during the UPA government," he said.
Chidambaram, who made a series of tweets, also took a dig at government over the low growth rate of credit to industry.
"Credit to industry in 2018 grew at a grand rate of 1 per cent ! Yes, 1 per cent!...Banks will need a further Rs 60,000 crore towards recapitalisation," he said.
The former Finance Minister also said that the government's Make in India programme had failed to deliver results in defence production.
"Make in India scheme in defence production has been officially abandoned," he added.
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Fire breaks out at Nature Bazaar in south Delhi, around 50 shops gutted
New Delhi (PTI): A major fire broke out at Nature Bazaar in south Delhi's Andheria Mor area on Sunday morning, gutting around 50 shops and triggering a massive firefighting operation, an official of the Delhi Fire Services (DFS) said.
According to the DFS, a call regarding the blaze was received at 7.37 am, following which 10 fire tenders were rushed to the spot to control the flames. No injury to anyone has been reported so far.
The fire erupted at the Nature Bazaar market located near Andheria Mor in the Lado Sarai area, where several temporary and semi-permanent shops selling handicrafts and other items are set up, he said.
Thick plumes of smoke were seen billowing from the market complex as the fire rapidly spread through multiple shops in the crowded marketplace.
Firefighters launched an extensive operation to contain the blaze and prevent it from spreading further.
Around 50 shops were gutted in the incident, causing heavy damage to goods and structures, the officer said.
Fire personnel were continuing efforts to completely douse the flames and carry out cooling operations in the area. The cause of the fire is yet to be ascertained.
Police officers also reached the spot to assist in crowd management and facilitate firefighting operations.
