Loan recall notice and account classified as npa

Querist : Anonymous (Querist) 05 January 2023 This query is : Resolved
In case A loan taken under the purpose of working capital was classified as NPA because the amount was utilised for other purpose unrelated to the business and the bank has issued a recall notice stating that the borrower has to repay the total outstanding amount within 4 days. What are the options of the borrower, since the borrower needs at least 1 year to repay the total amount.

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kavksatyanarayana (Expert) 05 January 2023
No legal issues are involved in your query.

Querist : Anonymous (Querist) 06 January 2023
The banks has issued a recall notice stating the borrower needs to repay the total outstanding amount in four days

kavksatyanarayana (Expert) 06 January 2023
Consult the said bank authorities and request them to give you some time.

Dr J C Vashista (Expert) 09 January 2023
Contact bank manager for one time settlement of loan.

Sudhir Kumar, Advocate (Expert) 09 January 2023
You have carefully hidden as to :-

1. for which purpose loan was taken .
2. for which purpose such loan was used.

If the loan was used for the purpose other than for which loan was given then it is a fraud and cheating case and bank can also register FIR.

A massive scam was unearthed in early 90s and many bank official went to jaikl for allowing such loans.

R.K Nanda (Expert) 09 January 2023
contact concerned bank officials and request them to give some time for settlement of loan.

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