Bank issued court notice against CGTMSE loan
I approached bank for MSME loan under CGTMSE. Manager advised to bring building lease agreement. I did rental lease agreement in July 2016 for 20,000s per motnh. I submitted a copy of lease garment to manager seeking loan sanction.But manager released term loan on March 2017 that too after sending grievance to HO.Almost 7 months rent was loss to me.After receiving loan i placed order to procure machinery.And again i asked manager to release working capital loan.but this also delayed up to June ending.Again I got 3 months financial loss.On JUly 2nd GST started and i was unable to procure raw materials until 2 weeks.
Finally started unit and several reasons could not run more than 7 months and i informed bank same by email.They have not intited steps as the CGTMSE up to july 2019.two months back they issued notice and taken unit in thier possession.Now this month 23rd bank doing eauction to sell macinery
and claim reminaing amount from CGTSME.Untill today i paying rents to the unit monthly 18000rs.Almost 6 to 7 lakhs i paid as rents.I was unemployee form the day i took loan and untill today.
Now But bank issued a court notice to pay loan amount.Every year i paid CGTMSE yearly guaranty fee charges.Out of 8 lakhs working capital i used only 3 lakhs remaing with bank only.
They have done evaluation of the machinery by third party and paid amount from my working capital.
Please advice how to proceed in this regard.