Legal Question in Banking Law in India

Dear Sir

I am running a business and suddenly the orders were cancelled to meet the same i borrowed from banks as business loan i run a proprietorship company. I have at present merged my company to another company and made arrangement for certain profit sharing formule where my income reduces and i will not be able to pay the EMI of business loans , but i have certain earning power by which i am willing to re-netotiate terms with the banks to settle , i have property and i am ready to sell them to settle but will the bank give me time for the same . how will i face their harrasment in coming days i am truely depressed . please advise


Asked on 2/28/16, 8:07 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

29.02.2016

Dear Sir / Madam,

If you have merged your business with another business, you are entitled to earn money towards know how and technology transfer, or in other words royalty income from the sales of that merged business, If you have many properties. selling one of them and paying off and settling the Bank liability that exists in your name is advisable and recommended.

Regards,

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Answered on 2/29/16, 2:33 am


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