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From the facts enumerated by you, it emerges that there is no dispute on the fact that the amount is due and liable to be repaid to the bank. Accordingly, the following options can be availed by you – 1. You must write a politely worded letter to the Bank giving firm commitments regarding payment and requesting for additional time for making rep...
Wazzeer Professional Network
ProfessionalI availed a cash credit from a nationalized bank , under start up India scheme. I availed loan to start manufacturing of garments. It has been six month now and availed funds for the purpose of business but not for the same purpose mentioned at time of availing loan. But due to market trends I transacted in cash, I have not been able to pay EMI since 4 months but recently paid one month EMI out of four months. Now, due to cash crunch I had to shut down office and shift into another premises. Initially was unaware that I have to inform the bank about shift. I am into a scrutiny by the bank and need help.
But after bank manager informed I informed in writing. The bank manager has suggested her to submit stock statements every month as it was bank guideline and he had given unsecured loan against stock. But since her business is in loss, he has issued 32(2) notice. And has informed to take legal action and launch FIR for forgery as stocks not available but stock statement were not submitted. The applicant has intentions to repay loan and has processed liquidation of Bonds and life insurance policies. But it takes 15 working days. Also asked for help from friends but needs 15 working days. But Banker has been mentally torturing and defaming image in family and work place and stalking. We just need legal opinion and want best way out to buy time to close the loan without any further damage.
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Wazzeer Professional Network
ProfessionalFrom the facts enumerated by you, it emerges that there is no dispute on the fact that the amount is due and liable to be repaid to the bank. Accordingly, the following options can be availed by you – 1. You must write a politely worded letter to the Bank giving firm commitments regarding payment and requesting for additional time for making repayments. 2. You can arrange for a guarantor, who can stand guarantee for the repayment to the Bank, in which case the bank may be agreeable to extend the time for repayment. 3. In case you are absolutely sure about inflow of funds from liquidation of bonds, life insurance policies etc. in the near future, you can consider giving postdated cheque(s) for repayment of loan to bank (in installments) after discussing with the Bank. However, please ensure that funds are available when the cheque(s) is/are presented by bank for payment or else you shall be liable for the offence of cheque bouncing, which is a criminal offence.
'Get a Wazzeer' to have more detailed consultation and to figure out best possible options. For legal and Accounting support, visit us.
over 4 years ago
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I availed a cash credit from a nationalized bank , under start up India scheme. I availed loan to start manufacturing of garments. It has been six month now and availed funds for the purpose of business but not for the same purpose mentioned at time of availing loan. But due to market trends I transacted in cash, I have not been able to pay EMI since 4 months but recently paid one month EMI out of four months. Now, due to cash crunch I had to shut down office and shift into another premises. Initially was unaware that I have to inform the bank about shift. I am into a scrutiny by the bank and need help.
But after bank manager informed I informed in writing. The bank manager has suggested her to submit stock statements every month as it was bank guideline and he had given unsecured loan against stock. But since her business is in loss, he has issued 32(2) notice. And has informed to take legal action and launch FIR for forgery as stocks not available but stock statement were not submitted. The applicant has intentions to repay loan and has processed liquidation of Bonds and life insurance policies. But it takes 15 working days. Also asked for help from friends but needs 15 working days. But Banker has been mentally torturing and defaming image in family and work place and stalking. We just need legal opinion and want best way out to buy time to close the loan without any further damage.
-
Wazzeer Professional Network
ProfessionalFrom the facts enumerated by you, it emerges that there is no dispute on the fact that the amount is due and liable to be repaid to the bank. Accordingly, the following options can be availed by you – 1. You must write a politely worded letter to the Bank giving firm commitments regarding payment and requesting for additional time for making repayments. 2. You can arrange for a guarantor, who can stand guarantee for the repayment to the Bank, in which case the bank may be agreeable to extend the time for repayment. 3. In case you are absolutely sure about inflow of funds from liquidation of bonds, life insurance policies etc. in the near future, you can consider giving postdated cheque(s) for repayment of loan to bank (in installments) after discussing with the Bank. However, please ensure that funds are available when the cheque(s) is/are presented by bank for payment or else you shall be liable for the offence of cheque bouncing, which is a criminal offence.
'Get a Wazzeer' to have more detailed consultation and to figure out best possible options. For legal and Accounting support, visit us.
over 4 years ago
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