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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.
Comprehensive Legal Analysis that The question concerns a business facing insolvency due to multiple unpaid loans taken during and after the COVID-19 period. The bank has declared the loans as Non-Performing Assets (NPAs) and frozen the business's bank account. The individuals seek guidance on resolving this situation.
Consult with a lawyer specializing in insolvency and banking law in India. They can assess the specific legal situation based on the loan agreements and advise on the best course of action.
CRITICAL DISCLAIMERS:
This analysis is for informational purposes only.
Helpful?
Adv. Joyson Pereira
VasaiVirar | 25+ Answers
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Well, I can assist you to close your Loan Accounts. But for this, We need to legally assess your Case file, for which, you need to share with us your Case file. After going through such, will tell you ways to get your account unfreezed.
Helpful?
Adv. Pankaj Bajaj
Pune | 700+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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