Official sources today said the corporation has a liability of over Rs 4 crore as income tax payment and service tax/VAT, which have been pending since over two decades now.
The liability also includes arrears to be paid to the employees as part of the state's new pay commission.
Debtors including government departments owe Meghalaya Tourism Development Corporation over Rs 1 crore, a top MTDC official told PTI.
The state government departments owe Rs 67 lakh to the corporation, most of which are payments to be made for food and lodging in the corporation's hotels.
Individuals owe the corporation over Rs 41 lakh, the official said, adding that in the last 30 days an amount of only Rs 13 lakh was recovered, officials said.
MDTC sources said the corporation has recently written to the state government for an one-time grant to bail out the corporation from the crisis.
It has also proposed to set up shopping mall-cum-parking lot in its old office premises at Polo here as part of measures to rescue the corporation, the official said.