Industries default on debt payments Default cases surged in 1QCY21 despite schemes to get loans deferred and rescheduled The NPLs to gross total loans had surged to 9.7% in January-June 2020 compared to 8.8% in the same half last year, according to the performance review. PHOTO: FILE KARACHI: Contrary to the government claim of rebound in industrial output, a number of industries in sectors including leading automobile and sugar have defaulted on paying off debt owed to banks in the quarter ended March 31, 2021. The default cases have surged in the quarter despite offer of scheme to banks’ clients to get their loans deferred and rescheduled for one year or for more time period to cope with the Covid-19 pandemic.