Case in DRT
Sahjanand
(Querist) 03 February 2019
This query is : Resolved
Sir i am running milk product business in Hyderabad and ssi unit also for making milk premix and cocoa powder. We taken business loan from hdfc under cgtms scheme and also taken loan from nbfcs for stablish dairy. After taking loan two years gone well and we showing increament in 1cr in our business continous two years , but unfortunately when we applied for extending of our limit hdfc first year increase our limit 30 lakh to 50 lakh but next year they denied even our sale increased 1 cr . They told your other loan is high so you can not pay . Effect of this our business collapsed due to non investment and we fail to repay interest amount to hdfc and other financial institutions. Now hdfc gone in drt and send me notice to repay amount which is covered by cgtms please advice what action we should take now. This is proprietary firm.
Dr J C Vashista
(Expert) 04 February 2019
Consult and engage a local prudent lawyer to defend you.
However, you will have to refund the loan/ outstanding amount.
kavksatyanarayana
(Expert) 04 February 2019
Yes. Under CGTMSE, in case of default the MLI shall inform to the Trust and then take legal action.So repay the loan amount.
Sahjanand
(Querist) 08 February 2019
We are not in position of pay so can we get two year holidays for repay.
Hemant Agarwal
(Expert) 23 February 2019
1. IF you had taken Loan from any Money Lender, THEN you would have got additional Two years to repay.
2. Irrespective of any class of loan you might have taken, the Bank will declare you as NPA and ultimately file Auction proceedings. Try to negotiate and re-configure your loan for a new tenure, supported by new guarantors.
Keep Smiling .... Hemant Agarwal
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