Can there be a way Out?

NewsLetter

Date:21/7/18

Can there be a way Out?

    When the unit is declared NPA, the bank collects all proceeds deposited towards this, This is general practice.

Now for running unit, they have to pay statuary dues, labour payment and various other payments. So if the bank does not release, what is the option available with the entrepreneur?

They are cornered and are forced to open a current account somewhere else.

Now, technically or otherwise, this may lead to the bank to declare the unit as a willful defaulter.

Can there be a way out?

 

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