Letter to Bank for Restructuring Construction Finance Loan

Letter to Bank for Restructuring Construction Finance Loan

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Hello ICICI Team,

As you can see, we have already done multiple follow-ups on this topic.

Once again, we are writing to you in detail. We have construction finance from your bank for the amount of Rs 20 CR. The due date for the full repayment of this CF is getting expired on 15th Sep 2021. However, due to covid impact on us and the overall market, RBI recently issued a new Restructuring guideline for the accounts that are under stress (Accounts Suffered due to Covid Pandemic).

We have already conveyed our restructuring request to the ICICI team in this matter. But there has been no response from your side. Moreover, even after the guideline from the RBI, your bank is not taking any proper action on the latest RBI Restructuring guidelines. Due to this, our account will be delinquent, and also will be NPA.

When we requested you about this, you assured us that after making the payment due till 15th July, our account will be restructured. However, nothing has been done yet.

After that, we are constantly looking for your response, but there has been no satisfactory response from your side. We are not able to pay the next installment which is Rs 70 lacs Approx and our next installment is due soon.

We hereby state that whatever the consequences will be there if our CF account is not restructured as per RBI guidelines, ICICI Bank will be solely responsible.

We wish to mention that we have had a strong relationship with ICICI Bank for the last 10 years, and we do not wish this relationship to get tarnished due to your not taking action.

We again request you to consider RBI guidelines and restructure our loan as soon as possible so that there is no inconvenience in the future and our relationship continues to be good.

Ramesh Agarwal
CEO – ABC Corporation

This content is written by Sunil Chaudhary, Founder of JustBaazaar.com

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Letter to Bank for Restructuring Construction Finance Loan | Suniltams