Loan settlement for cash credit loan for Pvt Ltd Company
Querist :
Anonymous
(Querist) 19 March 2010
This query is : Resolved
Dear sir,
I like to get an advise from you. As my father who was an MD of an Pvt Ltd company formed by him and two other directors one of whom is my mother and another is outsider till my father passed away in mid 2008.
The business was located in the premises of my father's owned land and house.
This business have a cash credit loan of 35 lacs ( 34 lacs fixed deposit against 79 lacs loan amount already diluted by bank) now the business does not run, unit is closed but we have this loan of 35 lacs in NPA state.
We dont have enough fund (maximum 15lacs available) to pay this amount before closing the business.We don't want to loose our property or personal kinds. My mother is suffering from cancer and I am a salaried person not involved in this Pvt Ltd, family business.
Bank is not ready to settle the amount anyway in in our available fund( 15 lacs).
Please advise.
Raj Kumar Makkad
(Expert) 20 March 2010
You should approach the higher officers of the bank and should humbly plead the entire condition of business and directors and should pray to settle the matter. I hope after making enquiry and coming to true facts, such matter can be decided as desired.
