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Parate executions suspended till December 15

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Cabinet approval has been granted to suspend the procedure to acquire properties whose loans are not paid off by the banks, up to December 15, 2024 and also to amend section 4 of the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990 to impose legal provisions required for the above, Cabinet Spokesman, Mass Media Minister Dr. Bandula Gunawardhana said. 

He was speaking at the weekly cabinet media briefing held yesterday at the Government Information Department.

The Minister said that the local large scale, medium scale and small scale businessmen had to face various difficulties to maintain their businesses due to the ongoing economic crisis.

As a result of various decisions taken by the government the economy is currently progressing towards recovery. However, various parties have pointed out further issues existing in relation to properly paying off the loans obtained by the banks for the businesses by small and medium scale businessmen during the past period.

Under such circumstances, adhering to existing legal provisions banks are taking measures to acquire properties of a considerable number of businessmen due to non-payment of loans and auction them.

Therefore, it is important that a sufficient grace period to pay off relevant debts without being a burden to the banking system should be rendered by redressing the crisis possible to be erupted in the field of business.

 

 

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