my company was registered in 1995 and in 2007 i purchased a land on which I started a project with bank loan in 2010.
the unit is not performing well and the company is unable to pay its interest installments.
the loan was restructured by the bank though it was not done entirely as per the demanded restructuring and as expected the company is unable to repay.
the unit has a chance to perform and revive but it requires time. bank is pressuring for installments which is not possible at this stage.
can the case be referred to the BIFR, is it elgilible and what is the procedure, timeline,etc to be able to try and revive the unit.
if the unit is taken possession of the bank, it will simply become a junk property.