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Bank not ready for one time settlement
26-Oct-2023 (In Banking / Finance Law)
sir, we were running a steel business. business loan taken from bank. but due to various circumstances we incurred loss and stopped the business. till now we are paying interest to the bank by taking loan from private people. but we are unable to pay anymore and submitted a letter to bank for one time settlement. but the bank is not considering it and continuously pressuring us to pay the interest. since it is business loan, the stock is not available due to heavy loss. banks threatening to take action for wrong declaration of stock in stock statement submitted to bank. our intent is to sell the property and make settlement to bank. can we avoid proceedings by any way since we have given false declaration about stock availability.
Dear Sir/Madam,
false declaration is bad in law. There is no compulsion for a bank to enter into OTS with you. you can enter a agreement of sale with your proposed purchaser and you can pay the advance in Bank directly which will enable you to Make contract with Bank and purchaser
false declaration is bad in law. There is no compulsion for a bank to enter into OTS with you. you can enter a agreement of sale with your proposed purchaser and you can pay the advance in Bank directly which will enable you to Make contract with Bank and purchaser
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Adv. C Deepak
Madurai | 25+ Answers
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