As all stakeholders in the payment default crisis on NSEL’s platform wait for the sale of defaulters’ assets, the value of these very assets are depreciating daily as they lie rotting in godowns.
Surely, an experienced professional and a top bureaucrat of the stature of Ajit Sakhare, competent authority (CA) and deputy collector of Mumbai, knows that commodities such as black pepper, red chilli and raw wool can be affected by fungi in prolonged unsuitable storage conditions.
This begs the question – why the delay in disposing these commodities?
Already lying in godowns for the last five months, in fact, the unthinkable may already have happened. Valued between Rs 70-80 crore at that time, the need of the hour is to ascertain if there has been any damage to the commodities due to their long exposure to the moisture in the air.
The full list of commodities includes black pepper, red chilli and raw wool as well as TMT bars and ferrochrome.
For ferrochrome, steelmaker Steel Authority of India (SAIL) has even indicated its willingness to purchase the total quantity of the raw material available. In fact, in such a situation where the High Court Committee (HCC) has already cleared the sale of the commodities and there is also a willing buyer, it defies logic why the sale has not been concluded yet!
Moreover, personal properties of the defaulters amounting to 15 vehicles worth about Rs 5 crore are with the EOW and Sakhare has the green light to begin disposing these as well.
Clearly, the onus of disposing all these Assets in conformity with the HCC’s order lies fully upon Sakhare. It is only when Sakhare acts that the recoveries of the lost monies can begin.
Is the man of the moment also a man of action?