Coirfed settles debt with coop bank

Discussions convened by Chief Minister Oommen Chandy to settle outstanding debt owed by Coirfed, the apex federation of coir cooperatives in the State, to Kerala State Cooperative Bank has reached closure. Announcing this, Addor Prakash, Minister for Revenue and Coir, said here that Coirfed had an outstanding debt of Rs 80 crore, including interest accruing on a loan of Rs 22.53 crore, contracted during 2003-04 against mortgage of property. The debt has been revised lower at Rs 45.06 crore following the tripartite meeting. Of this, Rs 22.53 crore would be paid back latest by March 31, 2013, and the rest in four equal interest-free instalments over a period of next four years, Prakash said.