Legal Question in Banking Law in India

dear sir / madam ,

my name is sanjay jain (age 32), my dady was proprietor of m.s.agency and he was having a cc account with icici bank of limit of 1.2cr i.e 12000000,

as he was fighting with is bad health condition from, last two year as on October 2012 he was very serious and was hospitalized , beyond this the business was also collapsed , due to bad condition he was on last stage as on Feb 2013 and his death occur , as he failed to pay the loan to icici bank , and icici bank issued a notice of having symbolic possession of property on which we are leaving , beyond this we do sent have such money to pay bank , as a property which is collateral mortgage to bank is forcing us to give the physical possession to them .

sir is there any way that i can i save my property .as we are three brother in that house, we do'sent have any place to live alse , can you help out in this serious matter .

please reply me on

[email protected]

or you can call me on my cell +91- 9699875433


Asked on 9/28/13, 3:51 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

28.09.2013

Dear Sanjay,

Since your father's demise, all three brothers should take over the management of M S Agency and revive your father's lost business in a determined systematic manner, so that from the business volume generated, the Cash credit limit facility of the bank can be gradually brought down to manageable limits. Engage your CA to make an assessment of all your business assets and liabilities, and set a time limit and target for Sales, Recievables and Collections. Your CA to monitor and oversee all your business operations, ensure that all systems and processes are in place, and ably assist you in giving the desired performance and results.

Regards,

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Answered on 9/28/13, 5:12 am


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