The North News
The North News
Chandigarh, March 15
The Punjab government has introduced a One-Time Settlement (OTS) scheme to recover long-standing dues from defaulter plot holders of the Punjab Small Industries and Export Corporation (PSIEC), offering long-awaited relief to industrialists.
Industry and Commerce Minister Tarunpreet Singh Sond welcomed the move, crediting Chief Minister Bhagwant Singh Mann for resolving decades-old disputes. The scheme was approved by the Council of Ministers on 3 March 2025, and the government issued a notification within ten days.
The scheme applies to the principal cost and enhanced land cost of industrial plots, waiving 100% of the penal interest and capping simple interest at 8% per annum. However, the principal amount and enhanced land cost, including court-imposed interest, will not be waived.
Defaulters must clear their dues by 31 December 2025. Those whose allotments were previously cancelled can also apply for restoration, except in cases where plots have been reallocated or remain vacant. Restorations require approval from a scrutiny committee and payment of all outstanding dues.
Failure to meet the deadline will result in the recovery of dues as per original allotment terms. The scheme applies to all industrial and residential plots in PSIEC’s Industrial Focal Points, provided the original allotment was issued on or before 1 January 2020.
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