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.
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.