Nilesh Agarwal 26 August 2017

Current account of an npa firm blocked by bank

Bank has blocked operations of the Current account of the NPA Firm. Now how will the firm operate its daily course of business, salary, taxes, etc. Please comment and suggest. Also give Court Orders to this effect, if any.

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4 Replies

Law Aspire (Legal) 26 August 2017

For each and every statutory payments, the authorised person of firm will be required to go to bank and get the payment done from Bank itself

(Guest)

Not a legal problem. Contact your bank manager how to get the account operated.

Siddharth Srivastava (Advocate) 26 August 2017

Open new bank account. In absence of court order Bank suo moto can not seize bank account in such a manner. Details are required to be examined. Sidharth 9811776422

Adv. Vinit J. Mehta (Lawyer ) 09 September 2017

Hi, we need to understand the detials of your case. Only the accounts where outstanding and payments are delayed for a period of more than 90 days can be declared as NPA as per the RBI guideleines. Bank cannot arbitarily declare account as NPA. In case if bank has filed Original Application before appropriate DRT than Securitization Application needs to be filed before DRT. However facts of your case will be required to be ascertained for which details will be required. Please feel free to contact me for further assistance.

Regards

Adv. Vinit J. Mehta

vinitmehta1987@gmail.com , vinitmehta_1987@yahoo.com

9892530442