14 September 2021
*We availed term loan of 1Cr from Axis Bank in March 2019 for expansion of our chemical plant. *We made an application for 15 Lakh Central Investment subsidy in March 2020. *We also completed our expansion during this period. *In June 2020,we paid entire loan from the earnings of company. *Recently Axis bank rejected our subsidy claim on the ground that the loan should not have been paid before 3 years. *Our argument is that it is subsidy on Plant & machineries & it has nothing to do with loan repayment. Can someone throw light on this?
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