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What reply to be given to MIDC and bank authorities
08-Jun-2023 (In Civil Law)
I have taken MIDC industrial plot in the year 2008. Then after we approach the financial institution raise the loan so that we can start construction activities for start the industry and for taking up the BCC. then bank finance the loan of Rs. 5 lacs but disbursed only 1 lacs petty amount due to this we were unable to start industry and taken BCC with stipulated period. Now stipulated period for taking BCC lapse and MIDc sent us cancellation letter of plot. As we were taken the consent from MIDC for loan and execute the tri party agreement. Now we want to reply the cancellation letter. what reply we can give to MIDC & Bank authorities.
If you do not wish to cancel the deal you can ask them for extension of time. But as you have mentioned that stipulated time/period for BCC has lapsed already. In such scenario either you can accept the cancellation and ask MIDC for repayment of loan of 1 lac as rest amount is still not given to you bank. If you dont want to cancel, you will have to ask bank to release rest loan amount expeditiously.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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