My friend's business has recently been declared NPA by a nationalised bank due to non payment of EMIs. He has had a paucity of orders and simply does not have the funds to settle the outstanding loan of 57L. What will happen next? His factory and land have been pledged as security for the loan. He is keen not to lose the land and is hopeful that he'll have orders within the next 6-12 months. The bank want him to settle the loan but he does nt have the funds to do this.
What is the timeline for the bank to take action and seize the land? Are there any other avenues to buy him some time?