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Kamalakkannan (MD)     19 September 2016

Closing of running business

I am running a Mobile Showroom and Delvelopment company Registered as a PVT.LTD. Having Term Loan and OD Based on the Thrird Party Colatorl with Bank. Due to heavy Loss i am unable to run my Business futher . I want to shoutdown the Business. I am going to handover my Mobile showroom to one buyer with Physical Stocks. Showroom is a rented Place. I am not paid my Bank Loans past 3 Months . If i close my business is there any way that bank to take over my stocks legally ?

I got od and Term Loan based on propert not against stocks. After closing the Business i am ready to repay the outstanding payments to the bank in regular intervals . 


 1 Replies

matt   15 October 2016

Wether Ypu run your business or not ? but Bank will recover their money anyhow. Whenever you got OD and loan ,Did you mortgage something to bank? If yes1 then firsly bank will auction of that.whether its House or Land or jewellary.

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