Dear Sir,
we have the partnership firm .We have taken the loan for our manufacturing unit from National bank in Aug-2013. under CGTMS, We are in manufactuting of Bio mass briquettes.
under CGMTS scheme Our term loan is of 50 Lac and CC is of 40 Lac. Till date we have paid the EMI of both and our record is ok. and account is ok. at present loan out standing in CC is 34 lac and in Term loan is 46.50 lac. after moritium period , EMI was started from Dec-14 and till date we are paying EMI regularly with out any problem.
But now due to market condition there is no visibility of repayment of loan . as market is very bad and we have approx 1000 ton (finished + Raw materail ) in stock and still there is no sell.
Now we are worried about our industry , as it will be NPA in next 3 to 4 month. And we can't sustain in such condition.
We have no any solution to go in NPA.
Kindly suggest
1. will there any effect on our partner personal asset.like agree land ,home, flat ETC.( will bank hold our personal property ?) as we have not given any collateral. !! our primary security is only machinery and shed. Also Land is taken on lease which is agree land !
2. How to exit from this situation without any further personal financial losses ?
3. Kindly sugget the best way !!
pls guide us.
Thanks
Amol
