Father died when all properties are in bank
karumanchiashok
(Querist) 03 April 2015
This query is : Resolved
My father is managing director of pvt ltd company.My mother also one of the director. The company has only 2 directors (My father,My mother).The firm took 23 crore term loan to establish a spinning mill in 2012 from SBI and previously they have taken 4 crore working capital for Trading in SBI.The loan sanctioned manager have released 3.57 crores and company invested 2.6 crores. The new manager came and stopped releasing of Term loan by showing that the firm not followed T&C.So the total OD in Bank 4 crore + 3.57 Crores (+interest).My father paid interest until 31-03-2014 for both loans due to pressure from Bank manager. After that we are sick to pay further interest and Accounts becomes NPA in 01-07-2014.We have all properties in bank as collateral securities around 15 crores.
My father died in Feb2015. We are in very critical situation Please suggest the best way get rid of this.
Devajyoti Barman
(Expert) 03 April 2015
Sorry, without seeing all papers and hearing all incidental developments it is difficult to advise on this platform.
You better meet with a local lawyer.
Rajendra K Goyal
(Expert) 03 April 2015
You can sell some of the properties to pay the loan. Ask the purchaser to deposit the sell amount in loan account and get the property released. Take the permission of Bank in writing. If local Manager is not cooperating, meet senior officer.
Sudhir Kumar, Advocate
(Expert) 04 April 2015
agreed with Mr RK Goyal. Nothing more could be said based on the available facts.
