Bank loan repayment in case of act of nature
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 September 2012
Hi, I would like to know what happens to a borrower when his main factory is destroyed due to Act of nature? The bank continues to accumulate interest whereas Insurance company is admitting only one third of the amount insured.
Amol S Joglekar
(Expert)
19 September 2012
In the depression years, one shipping company in India sold its ships while at the same time another shipping company thought it as opportunity to buy. Try to convert the situation into opprtunity... say by asking for additional loan.... who is lost by act of nature... asset or WISDOM?
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