uttkarsh 30 August 2024
My father had a pvt ltd company he died last month my mother is also the director in the company he had taken cgtmse loan from a is bank of 1cr now that 1cr is fully used and my mother is a guarantor in it and there are other unsecured loans as well of around 60lakhs they have mostly wavied off but only cgtmse loan is pending please provide solution for this ae don't have funds to repay the loan and the house where we stay belongs to my mother pls help
T. Kalaiselvan, Advocate (Advocate) 30 August 2024
The loan taken has to be repaid otherwise the lender will take necessary action to recover the loan with interest s per procedures of law.
Since your mother is one of the dir3ectors and the guarantor for the n loan, the properties on her name will be attached and brought to auction sale invoking sarfaesi act by the lender as the loan is above 1 crore and if the account has been declared NPA.
You can talk to the lender bank and arrange for one time settlement or restructuring the loan.
There is no legal solution to this other than making repayment to discharge the loan amount
uttkarsh 30 August 2024
The house we live in is 90% my mother and 10% mine and in director shareholders she has only 14% and in cgtmse loan I checked 80% guarantee is by central government so something can be done right ??
T. Kalaiselvan, Advocate (Advocate) 30 August 2024
You may have to discuss with the bank and find a solution that will be practical and feasible.
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