SARFAESI

Vinod (Querist) 23 July 2017 This query is : Resolved
Sir,
We are running an institution under a society. We have availed loan of Rs 11.50 Crores from a co-operative bank. Our repayment was regular upto march 2015 and we have repaid approximately 12 Crores ( Principal+interest) till 2015. There was fall in admissions and on 16th July 2017 we have been served with a notice under section 13(2)
Bank has issued notices to all the members of the Society and to the guarantors. Now what is the immediate remedy.

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Rajendra K Goyal (Expert) 23 July 2017
Commercial Banks generally reshape the loans in such situation.

May try with your Banker.

kavksatyanarayana (Expert) 23 July 2017
Basically, Banks will sanction loans on certain terms and conditions. so show them to a lawyer having knowledge in this type of cases, and proceed. you have to pay EMI to the bank and if you fails for a certain period, necessary action will be taken as per terms and conditions.

M V Gupta (Expert) 23 July 2017
Enter in to one time settlement with the bank and avoid further action by the bank to proceed against the guarantors and mortgaged property, if any.

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