Amendment status not verified — confirm the current text below against the official source.
Addl Director/Joint director/Deputy Director Director Member-Secretary NOTE: The Chairman of the State Level Steering Committee can co-opt any other member at his discretion and the proposal shall be sanctioned by the committee within 30 days from the date of completion of the documentation. i DPR shall be got appraised through PSIDC or any other scheduled bank, at the cost of SPV. ii The meeting shall be convened once in two months. Meeting can however, be called at any other time at the discretion of the Chairman of the State Level Steering Committee. iii These preliminary applications along with a Diagnostic Study Report (DSR) shall be put up to the office of Director Industries & Commerce for acceptance. On acceptance, the case shall be put up to the State Level Steering Committee meeting for approval for conducting Detailed Project Report (DPR). iv The DPR shall be prepared by the Special Purpose Vehicle (SPV) through empanelled Consultant, who is competent to prepare such document and having sufficient experience of conducting similar studies in the past. The DPR shall also be got validated by the members of the SPV and the concerned GM DIC. The SPV may apply for grant-in- aid amounting to Rs. 3.00 lacs to conduct the DPR. Director Industries & Commerce shall be competent to sanction cost of Rs.3.00 lakh as DPR charges to be paid to the Consultant. The cost of DPR shall be adjusted in the total eligible grant of Rs. 5.0 crores. v The project implementation shall be done by a committee constituted by the SPV under the supervision of the concerned GM DIC. vi Purchase Committee: The Purchase Committee shall consist of the following members. 130 vii This Purchase Committee will ensure the transparency in the process of preparation of RFP/floating of tenders and its finalization as per the GFR. 16.17.7 Disbursement of Grant-in-aid 16.17.8 For disbursement of grant-in-aid for hard interventions, the SPV shall have to raise its contribution upfront. The grant-in-aid shall be disbursed in two Instalment: i 1st Instalment of grant-in-aid shall be released after compliance of the following formalities: 1 Land should be registered in the name of the Special Purpose Vehicle (SPV) 2 The SPV has opened the bank account dedicated for the purpose of deposit of contribution of the SPV and State Government grant. 3 Documentary proof of margin money contribution for working capital. 4 After execution of the agreement by SPV with the State Government. 5 50% (1st instalment) amount of grant-in-aid shall be released only after Purchase Committee constituted for this purpose has recommended the grant-in-aid after ensuring that the transparent tendering process for construction of building and procurement of machinery has been finalized. ii 2nd and final instalment of grant-in-aid shall be released after compliance of the following formalities: 1 Submission of Utilization Certificate (UC) of the 1st instalment of grant-in-aid duly verified by concerned GM of District Industries Centre. 2 Physical Inspection Report of the status of CFC by the concerned GM of District Industries Centre. 3 Recommendations of the Purchase Committee (Minutes) for release of 2nd Instalment of grant-in-aid with the details of plant & machinery finalized. 131 iii Pending utilization of State Government grant, the funds will be parked in a separate dedicated account created for this purpose. Interest accrued, if any, on unutilized fund shall be adjusted against future disbursement under the scheme. iv The capping limit of grant-in-aid including soft interventions, cost of DPR etc., shall be Rs. 1.80 crores. 16.17.9 Monitoring and Evaluation i The State Level Steering Committee (SLSC) will be the apex body for coordinating and overseeing the progress of the projects. ii SLSC will also facilitate the SPV members for obtaining State Government approvals from the other department. iii The project implementation period shall be 2 years from the date of approval by SLSC. This period can be extended by the SLSC, keeping in view the justification of the delay. iv The SPV will run the Common Facility Centre (CFC) for a period of 10 years from the date of going into operation. In case of its closure and violation of the terms & conditions of the sanction letter by the SPV, the possession of the CFC shall be taken over by the State Government. v The SPV shall, at its own cost, insure and keep insured all the plant, machinery, fixtures and equipment of the CFC for a minimum period of 10 years. In case of loss of damage to such plant, machinery, fixtures and equipment, etc., the insurance claim shall be payable to the State Government. vi All plant, machinery, fixtures and equipment procured for the purpose of the CFC with the support of the State Government grant shall be the exclusive property of the Government. vii The establishment of the CFC, including civil works, if any, shall be completed by the SPV within 18 months of the receipt of the Sanction Letter, or such extended time as the State Government may, on its satisfaction as to the reasons of delay, grant. viii Books of Accounts of the expenses incurred for the purchase of fixed assets for the purpose of setting up of CFC shall be maintained by the Implementing Agency. The 132 accounts books shall be open for inspection by the statutory auditors/auditors of the State Government. ix SPV will submit a copy of audited balance sheet at the close of each financial year in the office of concerned GM, DIC before September. 16.18 Scheme for grant of Special Relief Package for Sick MSME & Large Units 16.18.1 Eligibility i All MSME units fulfilling the criteria of RBI laid down in the comprehensive framework for revival and rehabilitation of Micro, Small & Medium Enterprises (MSME), which provides for restructuring of loan and other financial assistance availed by MSME units from the Banks. ii All Large units registered / declared sick by the NCLT. iii Units acquiring large sick units subject to following conditions: - 1 Minimum enterprise value of sick unit shall be Rs. 50 Crore 2 the sick unit shall fulfil the following criteria: Existed for atleast 5 years And {Incurred accumulated losses equal to, or exceeding its entire net worth at the end of last financial year Or categorized as NPA in last 8 quarters consecutively} 16.18.2 Procedure The following state level Forum shall consider the applications on merit: i. Administrative Secretary Industries & Commerce Chairman 133 ii. Administrative Secretary, Taxation Member iii. Administrative Secretary, Power Member iv. Chairman, PSPCL Member v. Administrative Secretary, Local Government Member vi. Managing Director, PSIDC Member vii. Managing Director, PFC Member viii. Representative of concerned Banks Member ix. Regional Head, RBI Member x. Director, Industries & Commerce Member xi. Addl. Dir./Jt. Dir. / Dy. Dir. Industries & Commerce Member Secretary The Forum will meet once in a month or earlier, if required. 16.18.3 Application for Registration i Financial Institutions or banks desirous of reviving a sick unit financed by them may apply on the web portal in the Form S(a) for availing of reliefs and concessions. ii Any viable sick non-BIFR/SSI unit can also apply on the web portal directly by in Form S(b) iii Such applications should be accompanied by a proposed Revival Scheme giving the causes of sickness, Revival measures as per guidelines of Forum and promoters contribution and also audited Balance Sheet for last five years. 16.18.4 Preliminary Scrutiny 16.18.5 A Cell in the Department of Industries & Commerce will carry out a preliminary scrutiny mainly on the following aspects: 134 i Is the applicant unit eligible for grant of reliefs under this Scheme in terms of Clause- 16.33.1 herein? ii Is the applicant unit actually sick as defined by RBI/BIFR. iii Is the applicant unit actually sick as per clause 16.33.1(iii). iv Is the application accompanied by a proposed Revival Scheme? v Is the application accompanied by the unit's audited accounts for preceding three years? vi Are the auditor's remarks dealt and complied with fully and satisfactorily? vii If the answers to the above questions are in the affirmative, the cell will register the application and give a registration number, which will be conveyed to the applicant in Form S(c). 16.18.6 Reference to Consultants The scheme shall then be referred by the Forum to an independent consultant from a panel of consultants approved by the Forum to: i Indicate whether there has been mismanagement or willful siphoning off funds. ii Study if the unit in question is a 'viable sick unit' iii If yes, prepare a draft revival scheme for the unit under the broad parameters of the scheme. The package will incorporate the reliefs and concessions to be granted by the various agencies and sacrifices to be borne by each of them, which will also be quantified. The consultant will complete the study and submit its report to the Special Cell. The cost of the study will be borne by the applicant. 16.18.7 Circulation amongst the Members of Forum The Cell would examine the draft scheme of the consultant and place before the Forum. The Forum may give 'in principle' approval of the scheme as it is, or modify if, or refer it back to the consultant for fresh appraisal, or reject it. 16.18.8 Sanctions by the Concerned Agencies 135 i After the 'in principle' approval of the Forum, the case shall be placed before the Punjab Industrial and Business Development Board for consideration. ii After the approval of board, the scheme will be referred to the concerned agencies, for the reliefs and concessions / sacrifices as envisaged, within a period of 30 days. In case they are not in a position to grant their consent within this time period, they will advise the Forum in writing accordingly, giving cogent reasons for non-grant of the reliefs and concessions as envisaged within the given time. In case the financing bank and / or financial institution are not agreeable to sanction rehabilitation assistance to the unit, they shall have to state cogent reasons for the consideration of the Forum. iii Decision of Punjab Industrial and Business Development Board constituted under the policy, would be binding on all the Departments of the State Government. iv The unit shall apply for the benefit of Electricity Duty & Reimbursement of SGST within 3 months of issue of approval letter, as per procedure prescribed in Chapter 16 respectively. 16.18.9 Time frame for issuance of orders The respective Departments of the State Government or its agencies participating in the revival programme of sick unit shall sanction the reliefs as decided by the Board under the provisions of the respective Act/Rules, policy or provisions. They shall issue final orders sanctioning Reliefs/concessions to the unit within 30 days of the receipt of the minutes of the meeting of the Board wherein the decision to grant relief & concessions to the concerned sick unit has been taken, failing which these shall be deemed to have been given. Similarly banks / financial institutions shall also sanction the reliefs envisaged in the scheme within 30 days of the receipt of orders of the Forum. 16.18.10 Other Conditions i Forum will carry out periodical reviews, apart from annual review of the performance of the unit under revival. During the period of revival, the unit shall arrange of auditing of its accounts by a firm of chartered accountants as approved by the Forum. 136 ii The unit which avails of reliefs under this Scheme shall neither declare dividend nor pay interest on the deposits put up by the promoters during the currency of the revival package. iii The industrial unit availing of the incentives under this Scheme shall install and effectively operate and maintain pollution control measures as per standards prescribed and approved by the competent authority in this regard. iv The industrial unit shall have to remain in production continuously, at least, till the expiry of the revival period granted by the Board. v The industrial unit shall furnish details regarding production, employment or any other information, which the State Government and Forum may require from time to time. 16.19 Procedure for availing Special fiscal incentives to existing industries to switch over to Paddy Straw fuel based boilers SNo. Quantum of Incentive Procedure (a) Reimbursement of 100% net SGST for 7 years, with a cap of 75% of total investment for installation of paddy straw fired boiler. The unit shall apply on the web portal in accordance with the procedure mentioned in Chapter –