Few years back I was a partner (passive) for a food processing factory setup in Karnataka.
I gave POA to the MD for my property as collateral.
Unfortunately the factory didn't do well. Early last year we gave the factory to another company, but they
didn't release the properties (including mine).
The new company didn't pay EMI for 3 months and the bank declared the account as NPA.
Now, the bank has given notice (pasted notice) on the house.
I am really concerned if the bank can take over the property. My aged mother lives in the house.
Please suggestion available options.
Thank you.
CAclubindia
