Clear OD

[User_efdbee52]

U

User_efdbee52
PARTICIPANT
February 27, 2025 at 1:31 pm

My company (me +my partner) took an unsecured OD(10L) in ICICI 2-3 yes ago when our business was doing well. It was given on basis of our business transactions. But now the business is not doing well.
We stopped the transactions in that ICICI acc and we are paying the interest on OD

So do I have to just clear the whole OD or is there any other way??.
Od is not on our personal name but on our company name
Thanks

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[Krishnalion405]

K

Krishnalion405
PARTICIPANT
February 27, 2025 at 1:39 pm

Can you declare the company bankrupt or sum? Idk not a lawyer

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[User_efdbee52]

U

User_efdbee52
OP
February 27, 2025 at 1:53 pm

Yes I can but is it the right thing to do?

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[Krishnalion405]

K

Krishnalion405
PARTICIPANT
February 27, 2025 at 2:17 pm

If it benefits you in any way then I think yes. My opinion is always keeping your benefits ahead or moral values in this society

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[User_efdbee52]

U

User_efdbee52
OP
February 27, 2025 at 2:52 pm

Yes. Won’t the bank be after me? They will try to get the money back? I have no idea about legalities

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[Krishnalion405]

K

Krishnalion405
PARTICIPANT
February 27, 2025 at 3:03 pm

Idk man declare yourself bankrupt close all accounts with the said band, leave the state for some remote areas get a job rebuild your wealth

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