Saandiip Dang (Director) 19 January 2010

NPA NOTICE

Dear Sir/ Madam,

I am having an Industry of Industrial Gase and I had taken a Term Loan from State Bank of India for Rs. 30 lacs in May 2009 under the CGTMSE scheme. We have been regularly paying the bank but due to market recession, there has been overdue of Rs. 2.49 lacs as on 31.12.2009. The outstanding of the bank is Rs.24.66 lacs including interest. Payment has been made every month. Due to malifies intention of the chief manager, he is threatning us and has issued NPA letters and Notice under 13/2 surface act. Please guide me what to do. The notice has been issued on 26.12.2009. The bank is of Jharsuguda station road branch.

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8 Replies

R.R. KRISHNAA (Legal Manager) 19 January 2010

Immediately take steps to declare your industry as Sick Industrial Company and take the assistance of BIFR. You can get some relief.

PJANARDHANA REDDY (ADVOCATE & DIRECTOR) 20 January 2010

IF U WANT RUN INDUSTRY,

BETTER APPROACH THE HIGHER OFFICER FOR THE RESHEDULING OF LOAN INSTALMENTS AS PER UR CONVENIENT AND ASK FOR STOP ALL LEGAL ACTIONS SINCE U R A SINCERE/REGULAR PAYMENT PAST TRACK CUSTOMER.

OTHERWISE APPROACH HIGH COURT TO STOP ALL THE PROCEEDINGS UNDER ARTICLE 226.

A.K.D Sayare (Advocate) 20 January 2010

it appears that bank has issued notice under 13(2) of secuiritisation act, file your objection to the notice, go to good advocate who has knowledge about this and file your reply, if you ever have to go to DRT if bank chose take possession under 13(4) then this objection will form the basis of the Application before the DRT.

Going to BIFR wont be bad idea.

regards.

Parthasarathi Loganathan (Advocate) 01 February 2010

Please approach the bank to reschedule / rephase your repayment plan and ensure that the term loan is upgraded to standard asset with a comitment to repay the overdue instalments. If the branch is not co-operating on this aspect, you are entitled to approach the Regional Manager of the bank and arrange for a task force meeting wherein you can apprise them all your genuine contraints faced industrially so that you can maintain the best banker-customer relationship as after all you have availed a loan of Rs.30.00 lacs which was sanctioned under the same recession period. You can formulate a suitable strategy for a compromise settlement.

TVD Rajkumar (Advocate) 05 February 2010

'Payment has been made every month. Due to malifies intention of the chief manager, he is threatning us and has issued NPA letters and Notice under 13/2 surface act. Please guide me what to do. The notice has been issued on 26.12.2009.'

A good story! Do you expect people to believe it. No sane will buy you story?!

Uday (Lawyer) 02 March 2010

Mr.Jayakumar,

Can you please let me know why the story can't be believed?

Saandiip Dang (Director) 03 March 2010

Dear Sir,

We have a default of Rs.5.50 lacs till 28th Feb 2010. This amount has been assured in writing on our company letter head to the Bank regarding total payment will be made till 23rd March 2010. Still the chief manager is not accepting the proposal and is insisting on issuing notice under section 13 (4) on 4th March 2010.

Please guide.