Legal Question in Banking Law in India

How can we deal with the business loan

My business was shutdown during pademic and I am not in a position to repay my loan

I have taken insurance against my loan that was also done by the bank itself

Now bank is saying ur account is npa now

Asked on 4/14/22, 9:57 am

1 Answer from Attorneys

Rajiv Chandhok Ph: +919810050896

if your account is npa you have the following options

1. file bankruptcy in case your assets are less than your liabilities. this will be civil death for you and your family, but you will get protection from coercion of any kind.

2. talk to the bank and try settling the case.

3. After some time when an account slips into npa then the bank files a case for recovery against its debtor, you may contest the case on merits.

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Answered on 5/06/22, 12:27 am

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