LAHORE, March 19: The Revival Committee for Sick Units will meet here on Wednesday to consider the revival pleas of more sick units and decide their fate.

The meeting will be presided over by the committee’s chairman Tariq Hamid, who is also finance minister of Punjab.

Of 264 sick units with total default amount of Rs35.1 billion, whose cases were referred to the committee since its constitution in 2000, the RCSU has restructured the loans of some 122 units, giving a new lease of life to them. The amount of the loan outstanding against the revived units is said to be over Rs16.50 billion.

The revived units included 28 textile spinning, 11 weaving, 12 sugar and five knitting units. All the units have been revived in the “hands of their existing management”. No fresh default case against any of the revived units has so far been reported to the committee.

The majority of the 153 industries, that belong to one of the six government-owned banking and nonbanking financial institutions and whose revival pleas had been rejected, will be handed over to the Corporate and Industrial Restructuring Corporation (CIRC) for their disposal through auction.