As the government is facing criticism from various quarters for not taking action against the willful defaulters, Finance Minister Dr Ram Sharan Mahat has said legal action is underway against 75 out of the 90 big loan defaulters.

Speaking at a programme programme organized by Butwal chamber of commerce on Wednesday, Minister Dr. Mahat urged the Federation of Nepalese Chambers of Commerce and Industries (FNCCI) not to work as a shield on their behalf.

“There are over 90 defaulters who have outstanding dues worth hundreds of millions of rupees. Only 15 of them responded when notices were sent to them for loan adjustment,” the Finance Minister said, adding, “I am committed to taking legal action against them. The FNCCI should not come in the way.”

The government during the budget speech of the current fiscal year has urged the big defaulters either to re-pay the debt or readjust it.

He said revenue collection has increased by 19 per cent following the ceasefire. “As the country cannot be made prosperous without attracting foreign investment, the government is trying hard to create a foreign investment-friendly environment.”