FAISALABAD. Mr. Atif Munir Sheikh President Faisalabad Chamber of Commerce & Industry (FCCI) has welcomed the approval of bill for the establishment of Corporate Restructuring Company (CRC) and hoped that it will play a catalytic role in the revival of sick units lying dormant for the last many years.
Talking to the Executive Committee members of the FCCI, he said that this legislation has paved the way for the revival of at least 40 industrial units in Faisalabad alone which were victims of the circumstances. He further said that these units still have complete infrastructure with all paraphernalia and they could immediately start production with re-scheduling of their bank instalments. He said that thousands of jobs would be created in addition to enhancing exports to earn precious foreign exchange. He said that most of the sick units were not the wilful defaulters and the circumstances have pushed them to the verge of collapse putting at stake their huge investment and reputation. He said that Corporate Restructuring Company will resolve the banks and finance related problems and facilitate them to restart their units immediately. He said that some banks had already rescheduled the instalments as these units have enough assets but could not start operation due to the lack of running capital. He said that some units of Faisalabad have already become operational and are contributing their role in job creation and exports. He hoped that CRC will take up the issues of sick export units on top priority basis as they could play their key role in enhancing exports immediately. He also appreciated the efforts of Mian Muhammad Latif for taking lead and also helping other units to present their cases for their immediate revival.