Legal Question in Banking Law in India
we have availed a loan of Rs.25 lakh for working capital under CGTMSE scheme. We have not provided any collateral nor any guarantee for the same. Due to unfortunate circumstances we have incurred the loss and now we have to close down the factory. I want to know what are the actions that bank can take against me? Its a proprietary company.
Asked on 8/07/12, 4:25 am
4 Answers from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
suit for recovery and in case cheques given as security, then complaint under NI Act.
Answered on 8/07/12, 9:53 am
J. Radhakrishnan
independent Practice
If the factory and plant have been mortgaged, the bank can proceed to take possession under the SARFAEASI Act and sell the same and or file a recovery application against DRT and through that Tribunal attach what ever assets owned by the borrower proprietor.
Answered on 8/07/12, 10:28 am
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
i agree with Adv Gupta
Answered on 8/08/12, 5:40 am
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