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dozo1234   22 November 2016

Ots

Hi to Experts,

 

We are a company having 2 manufacturing units in Hyderabad. We have limits with canara bank and accpont slipped to NPA in 2014 and OTS is settled on 31st March 2016 for Rs. 11.30 crores to be paid before 30th June 2016. We have paid Rs. 4.50 Crore on 31st March 2016 itself and they have released 1 manufacturing unit. We have to pay balance 6.80 crores which we couild not pay on june 30. we are in the process of selling the second unit and the deal is almost completed and the payment process will start in a weeks time. Apart from 2 units a commercial building is given as the security to the bank.

Now the bankers are threatening to once again take possession of commercial buiding and go for securitization.

what is the remedy we have to stop taking possession and publishing in the news papers.



Learning

 2 Replies


(Guest)

You may file an application with the DRT requesting directions  to the bank and to further grant you time to complete the deal.This is the only way to go about it. Hire a counsel and ask him to file application in the DRT. If you like my answer hit thanks. 

Dr J C Vashista (Advocate)     23 November 2016

Being a company you should employ and hire the services of a lawyer, this platform is meant for needy public.


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