- (1.) Heard counsel Shri S. Gadodia appearing on behalf of the petitioner and Shri Ajit Kumar, Additional Advocate General on behalf of the State-Respondent.The controversy in the instant writ petition is regarding Memo No. 2869 dated 24.12.2010 (Annexure- 2 to the writ petition), whereby the petitioner's claim for grant of interest subsidy under the Jharkhand Industrial Policy 2001, has been rejected for the financial years 2006-07 and 2007-08, on the ground of limitation. The petitioner has also challenged the validity of Clause 4.3 (Gha) 1 & 2 of the Jharkhand Industrial Incentive Rules, 2003 (hereinafter referred to as 'Rules').
(2.) The specific assertion on behalf of the petitioner is that these Rules amount to curtailment of the spirit and essence of the Policy i.e. Jharkhand Industrial Policy 2001, hence, amounts to exercise of excessive power and defies the intent of Industrial Policy 2001 itself. The respondents, by means of the impugned Memo No. 2869 dated 24.12.2010 issued by Respondent No. 3, rejected the claim of the petitioner for the year 2006-07 to be barred by 1 year 13 days and for the year 2007-08 by 13 days. The facts of the case are as follows : - The petitioner is a new Industrial Unit established pursuant to the Jharkhand Industrial Policy 2001 and it is engaged in manufacture of M.S. Wire and M.S. Nail. The date of commercial production of the petitioner-unit is 07.02.2004. As per the Industrial Policy 2001, particularly Clause 29.5, the petitioner was entitled for interest subsidy for a period of five years. 29.5. Interest Subsidy The objective of providing this subsidy is to bring down interest cost of industry for the period an industry is in its teething stage and most hard pressed. This subsidy is aimed to encourage industry's continuous growth rather than stagnate and also contribute its share of prosperity to the state. The interest subsidy admissible to new industries shall be admissible in the following manner on the interest actually paid to the financial institutions/banks on loans taken by such new industry: JUDGEMENT_925_TLJHAR0_2012_1.html
(3.) The petitioner was entitled for interest subsidy for the financial years 2004-05 to 2008-09 (financial years 2006-07 and 2007-08 in the instant case). Applications were filed by the petitioner before the General Manager, District Industries Centre, Giridih and its claim was duly examined, vide Annexure- 1 of the writ petition, recommendation was made for payment of interest subsidy amounting to Rs. 2,77,217/- in favour of the petitioner for the aforesaid two years.;