MMTA suffers fund shortage
Source: The Sangai Express
Imphal, July 09 2013:
Manipur Mountaineering and Trekking Association has been hit by financial bankruptcy as it fails to repay fund borrowed for the recent expedition to Mt Everest.
Although the expedition was sponsored by the North Eastern Council under the aegis of Planning Dept, Govt of Manipur, delay in releasing of fund has resulted in bankruptcy of the association.
The MMTA has been losing around Rs 10 lakh.
Seven members of the MMTA have took part in the the 1st NE India on top of Mt Everest expedition where three of them scaled the peak of the Everest.
The MMTA has arranged fund for the expedition on its own from various sources with the aim to repay them when the NEC sanctioned the amount.
The financial crunch is likely to force members of MMTA to cut off communication as many creditors have started asking for recovery of the debt amount.
In order to recover the amount, the MMTA has issued an auction notification for June 29 .
However, no party has turned up for the auction, president of MMTA, L Surjit said.