- Interest and/or installment of principal remain overdue for a period of more than 90 days in respect of a term ,loan
- The account remains ‘out of order’ for a period of more than 90 days, in respect of an Overdraft/Cash Credit (OD/CC),
- The bill remains overdue for a period of more than 90 days in the case of bills purchased and discounted,
- Interest and/or installment of principal remains overdue for two harvest seasons but for a period not exceeding two half years in the case of an advance granted for agricultural purposes, and
- Any amount to be received remains overdue for a period of more than 90 days in respect of other accounts.
- Non submission of Stock Statements for 3 Continuous Quarters in case of Cash Credit Facility.
- No active transactions in the account (Cash Credit/Over Draft/EPC/PCFC) for more than 90 days
- The bill remains overdue for a period of more than 90 days in the case of bills purchased and discounted,
- Interest and/or installment of principal remains overdue for two harvest seasons but for a period not exceeding two half years in the case of an advance granted for agricultural purposes, and
- Any amount to be received remains overdue for a period of more than 90 days in respect of other accounts.
- Non submission of Stock Statements for 3 Continuous Quarters in case of Cash Credit Facility.
- No active transactions in the account (Cash Credit/Over Draft/EPC/PCFC) for more than 90 days
So As per ur qustion loan was taken for purchase of Car on 31.12.2012 and payments was due on 31.3.2013. was of Rs.139000/- there may ineterpretation
1. installment was being paid but not by the full amount of installment i.e 1.2 Lacs or
2. The due amount is for instrest.
3. there is quarterly installment payments where due amount is inlcuding interest is of rs. 139000.00
For NPA
1. No NPA shall be classified bcs partment is being made out of due amount.
2. Still not be classified as NPA bcs ..the term on 90 days does not completed on 31.3.2013....Due persion shall be counted from 1.2.2013 in case of monthlyu installment or in case of quaterly installment it shall be counted from 1.4.2013.
3. the account shall be NPA on 30.6.2013. and amount so recovered shall be recognised as income either from on account of Interest or installment.
CAclubindia
