02 November 2010
a person name X, make a bank loan from state bank.X senction term loan 40 lacs and a cash credit limit 10 lacks from bank.Bank disperse full term loan but cash credit limit of Rs. 2.5 lacks only. partial limit make X helpless to do work properly.So X do not pay full instalment of Rs. 94,000 instead of this he pay only Rs. 20,000 approx per month. Now X received bank legal notice to pay instaments properly, and after 10 days of issuing legal notice bank aslso give notice under sarfaci act section 13 (2). X is not in condition of paying any money to bank. even he is suffring in more crises.
now ques is that:- 1 wht should be done by X? 2 Is bank make any auction of this property? 3. wht is next step of bank? plz help me to save X
04 November 2010
sanction of CC limit and open the limit is different, It depends on stock and debtor balance of the business. So please donot blame the bank for CC limit.
Now if you have not paying the installment, It is open to bank how he deals as per the act.
In this case , X should present his case , and future plan that he will be able to make payment after such period, and make request for addittional time for payment, I think bank may provide some time to X.
04 November 2010
a person name X, make a bank loan from state bank.X senction term loan 40 lacs and a cash credit limit 10 lacks from bank.Bank disperse full term loan but cash credit limit of Rs. 2.5 lacks only. partial limit make X helpless to do work properly.So X do not pay full instalment of Rs. 94,000 instead of this he pay only Rs. 20,000 approx per month. Now X received bank legal notice to pay instaments properly, and after 10 days of issuing legal notice bank aslso give notice under sarfaci act section 13 (2). X is not in condition of paying any money to bank. even he is suffring in more crises.
now ques is that:- 1 wht should be done by X? 2 Is bank make any auction of this property? 3. wht is next step of bank? plz help me to save X
CAclubindia
