Closure of company

Manav (Querist) 17 March 2017 This query is : Resolved
What would be the recourse in case a company was started for one project and a loan under CGTMSE was taken to complete it? The project didn't succeed and the loan went bad. Now the bank has claimed insurance and we want to close the company but a charge under ROC has been created by the bank. Please suggest how to go ahead.

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Guest (Expert) 17 March 2017
Good academic question. However, theoretical academic problems are required be solved with reference to the course material.

Rajendra K Goyal (Expert) 17 March 2017
loan has to be repaid, CGTSME is for relief to bankers, borrower can not take benefit as right / can not escape liability.

Adv. Yogen Kakade (Expert) 18 March 2017
I agree with Goyalji

Kumar Doab (Expert) 18 March 2017
I also prefer to agree with Goyalji.

He has with banks and best placed to advise in such matters.

Dr J C Vashista (Expert) 20 March 2017
What Does CGSTME stand for?

For such commercial queries you should consult/ engage a local lawyer.

Rajendra K Goyal (Expert) 21 March 2017
Expert Dr J C Vashista ,

CGTSME

Credit Guarantee Fund Trust For Micro and Small Enterprises

This is a Collateral free facility specially designed under the Credit Guarantee Fund Trust for Micro and Small Enterprises (MSE). (CGTMSE) scheme of SIDBI and Ministry of Small and Medium Enterprises as defined under MSMED Act, 2006.

Dr J C Vashista (Expert) 22 March 2017
Dear Sh. Rajendra K Goyal,
Thank you very much for enlightening on the issue, a new subject for me.
Warm regards.

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