The real answer to restore our current situation is business revival which we strongly advocate as the primary method. Financial resources need to be employed in their most beneficial ways until a different solution presents itself. Failure to pay loans through new borrowing will not improve your situation in the future. The current action will bring about more deterioration in financial condition. Our recommendation to NPA borrowers who face stress is to avoid worrying about the NPA status. Seek extended time through legal measures while refraining from bank payments through new borrowings to safeguard your valuable assets before finding funding solutions that will lead to a single payment agreement with the bank.
Our team aids organizations with NPA Management to apply strategic solutions which pull the account out of NPA status while reviving its business operations. The team helps revive companies experiencing financial distress which leads business owners to recovery potential. The company examines multiple NPA legal issues while offering diverse NPA legal aid. Our NPA lawyers consist of skilled professionals who specialize in delivering services related to DRT representations and appearing at the National Company Law Tribunal and National Company Law Appellate Tribunal under the IBC Act. We deliver to our clients various critical services that include NPA settlement along with NPA loan takeover, NPA OTS funding, and structured approaches for revival of sick industries through planning and implementation. Economic stability requires the revival of sick industries because it facilitates employment growth. Businesses achieve profitability restoration through strategic financial planning and resource distribution which also reduces financial instability.
How do you view Bank recoveries from personal assets of guarantors under the Insolvency and Bankruptcy Code?
The business owners of our nation receive another damaging consequence from these new laws. In conducting business activities promoters establish valuable assets while employing personnel and submitting various taxes to the government. The payment of crores of rupees supports the livelihood of numerous families and the employees’ families through the employer. A business failure leaves the entrepreneur without any social protection benefits. Why should businesses not exist if this is the situation?
What kind of gratitude do we express to our community of entrepreneurs?
I do agree that unscrupulous people with fraudulent mentalities should be treated very sternly. For example: Mr. Nirav Modi or Mr. Vijay Mallya defaulted. In the recovery process, their businesses collapsed, assets became unproductive, lakhs of people became unemployed, and lakhs of people were deprived of their salaries. Consequently, they could not service their loan obligations, thus contributing to the rise in NPAs. Is it in the nation’s interest to kill an operating unit? Do the nationalization of these businesses, re-establish them, and then resell them. This could help with the revival of sick industries rather than destroying them.
Could you please elaborate on your idea of social security as a recovery through revival and resolution expert? It is more or less the same thing that I have said earlier, but I will still elaborate. The businessman, over a period of time, has contributed to society and the nation in the form of GDP, employment, taxation, and various other ways. He is also adding to infrastructure. That being said, one has to view business as a living entity. And if at all it must die, it should die naturally, not through coercion. From a social and rational perspective, NPA Consultants protect businesses and businessmen so that future generations do not fear entering the business world and instead of seeking jobs, aspire to create them. There must be a motivation to become a job giver rather than a job seeker. In India, 95% of the population is raised to become job seekers. Our socio-economic and educational systems are such that, from birth, parents strive to provide education and emphasize good grades so their children can succeed in campus interviews and be selected by multinational companies. Just the remaining 5% dare to pursue business. Despite this, instead of supporting, protecting, promoting, and encouraging them during difficult times, the present system chooses to destroy them. Is this not a matter of grave concern and against the interest of the entire Indian economy?
