If you have ever given a loan to someone, you would know how difficult it is to recover it. Now think, what would happen if the Rs 76,293 crore of the government’s entitlement was stuck somewhere? The market regulator ‘Securities and Exchange Board of India’ i.e. SEBI has recently published a report according to which it has become difficult in every sense to recover the amount of Rs 76,293 crore in the country, because every strategy tried to achieve this has not worked.
SEBI says it has kept this outstanding amount of Rs 76,293 crore under the ‘Hard to Recover’ category. In its annual report, it has said that this amount is 4% more than the amount kept in this category last year.
Where is this government money trapped?
SEBI has said in its annual report that despite taking all steps to recover this amount, it could not be recovered. Not only this, a large portion of this amount is stuck due to court cases. SEBI says that in many cases, different courts in the country have issued orders and appointed committees and then the recovery cases are pending before those committees for a long time.
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SEBI says categorising ‘difficult to recover’ dues into accounts is a complete administrative job. It is not a job to restrain officials from recovering the dues or writing off the amount.
Money is stuck in 807 cases
As per the SEBI report, a total of 807 ‘hard to recover’ cases have been identified till March 31, 2024. Their total outstanding amount is Rs 76,293 crore. While last year this amount in 692 cases was Rs 73,287 crore.
Of these 807 cases, 36 are pending due to ongoing proceedings in the state courts, the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT). An amount of Rs 12,199 crore is pending in these cases. Apart from this, there are 60 cases pending before the tribunal-constituted committees, in which Rs 59,970 crore is to be recovered. These two categories account for around 95 per cent of the total recovery amount of the government.
