Bank has blocked operations of the Current account of the NPA Firm. Now how will the firm operate its daily course of business, salary, taxes, etc. Please comment and suggest. Also give Court Orders to this effect, if any.
Nilesh Agarwal 26 August 2017
Bank has blocked operations of the Current account of the NPA Firm. Now how will the firm operate its daily course of business, salary, taxes, etc. Please comment and suggest. Also give Court Orders to this effect, if any.
Law Aspire (Legal) 26 August 2017
For each and every statutory payments, the authorised person of firm will be required to go to bank and get the payment done from Bank itself
Siddharth Srivastava (Advocate) 26 August 2017
Adv. Vinit J. Mehta (Lawyer ) 09 September 2017
Hi, we need to understand the detials of your case. Only the accounts where outstanding and payments are delayed for a period of more than 90 days can be declared as NPA as per the RBI guideleines. Bank cannot arbitarily declare account as NPA. In case if bank has filed Original Application before appropriate DRT than Securitization Application needs to be filed before DRT. However facts of your case will be required to be ascertained for which details will be required. Please feel free to contact me for further assistance.
Regards
Adv. Vinit J. Mehta
vinitmehta1987@gmail.com , vinitmehta_1987@yahoo.com
9892530442