SRINAGAR: The Kashmir Chamber of Commerce and Industry (KCCI) on Friday expressed serious concerns over the non-release of pending bills for contractors, highlighting a critical financial challenge that threatens local businesses ahead of the Eid festival.
KCCI in a statement issued here said it has received numerous representations from contractors who have completed developmental projects for the Jammu and Kashmir government but remain unpaid. This prolonged payment delay has created severe financial distress for local businesses and contractors who have already committed to J&K Bank’s One-Time Settlement (OTS) scheme to liquidate their liabilities, it said.
“Contractors who invested in government projects by securing bank loans are now facing an unprecedented humanitarian crisis. These contractors, government suppliers are at risk, with the potential of their properties including house auctions looming if they cannot clear their outstanding amounts by March 31. The situation has escalated beyond a mere financial challenge,” the chamber said.
With the J&K Bank’s special OTS scheme set to conclude on March 31, contractors find themselves in an untenable position. Despite having fulfilled their contractual obligations and completed government projects, they are unable to settle their liabilities due to delayed payments from government treasuries, the statement said.
KCCI said it has already taken up the issue with top officials of the Roads and Building Department and informed them about the impact of non-release of bills will have on contractors keeping in view the special OTS scheme of J&K.
“KCCI is urgently calling on the J&K government to take immediate steps to release pending contractor bills before the March 31 deadline. This action is crucial not only for the individual contractors but for maintaining the overall economic health of the business ecosystem in the region,” the chamber said.
KCCI emphasized the critical importance of expediting the release of pending contractor payments, and providing clear timelines for bill settlements. The chamber said it remains steadfastly committed to protecting the interests of local businesses and ensuring fair treatment for contractors who have diligently completed government projects.
KCCI urges govt to expedite payment of pending contractor bills ahead of Eid
