Bank statement
Eswara
(Querist) 16 July 2015
This query is : Resolved
Please advice We have taken Bank loan 33 crores for capital goods for Projects for industrial company Due to some problems/ govt order we stopped the activities of the company because of that we not able to paid repayment of loan . Company become NPA 29.04.2013. our outstand on 29.04.2013 Rs. 36crores. As on today 14.07.2015, our outstanding is 47.89 crores.( Including interest and penalty. Please advise any section for avoid the interest.
Advocate M.Bhadra
(Expert) 16 July 2015
First you can try to settle the matter with Bank.U/sec.34 of the SARFEASI Act Civil Court have no jurisdiction to try and entertain the loan matter or interest matter. Your relief is to go to the Debts Recovery Tribunal to file an application u/sec.17(1) of the SARFEASI Act when lending Bank will serve you notices u/sec.13(2) and 13(4)of the said Act or call for auction.
Rajendra K Goyal
(Expert) 17 July 2015
Bank can allow waiver of interest if collateral security is not enough. You should try with the Bank.
J K Agrawal
(Expert) 17 July 2015
No provision to get rid of interest but if you have no money to pay, you should not bother. It is the bank to handle all these problems.
Biswanath Roy
(Expert) 19 July 2015
Your query is very much illogical and manifestation of your sheer foolishness. Law cannot create any provision to avoid payment of interest against loan given by the Bank. Because no. 1. A Bank is the custodian of Public money and against deposits of such money made by public they are statutorily under obligation to pay interest upon their deposits; no. 2,when Bank gives loan to any body they invest money deposited by the public which accrues interest; no. 3, the Bank charges interest upon the loan amount according to Reserve Bank Notification and Circular; no. 4. Bank cannot waive interest upon the loan amount to create loss to their banking business/
