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Insolvency issue - Banks loans gone to NPA
04-Jan-2025 (In Recovery Law)
Hi, We took some business loans against our business assets during the COVID period. The business has turned insolvent but we still owe the bank a large amount in loans. We tried to manage funds by taking additional loans from the same bank, but soon those funds ran out. Now we have multiple loans against the business which we have not been able to service and the bank has frozen the bank accounts and marked the loans as NPA. We are unable to pay loans and require guidance to close this matter.
Sir you can file for insolvency in this case
However that will mean your company and you shall be declared insolvent and credibility will be affected in the future
Also your assets will be affected for the recover of the money.
You may contact us with further details
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Adv. Devang Manjrekar
Mumbai | 100+ Answers
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Well, I can assist you in getting your Bank Accounts unfreezed. As you are also unable to close your loan accounts by paying off the debt, I can tackle with such issue too by informing you about the due process to be followed to settle your loans issues with the Bank for once and all. Kindly connect on call.
Helpful?
Adv. Pankaj Bajaj
Pune | 700+ Answers
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Please reach out to me so that I can review the facts of your case thoroughly. I need to understand the details before providing any comments or suggestions. I will require more clarity on your situation.
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Adv. Ajinkya Sanjay Gosavi
VasaiVirar | 100+ Answers
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