*Very interesting and challenging query*
If a commercial real estate project not achieved COD (commercial operation date) and as per RBI master circular dated 1st July 15, took extension of COD for next 9 months (though as per rbi one year extension is allowed). Then please clear
1. On non achievement of revised cod whether account will be NPA or not ? If yes please share circular or guidelines for that. Because no where it is mentioned that account will be NPA on non achievement of COD.
2. When account will be classified as NPA after 9 months (as sanctioned by bank) or after 1 year as per rbi guidelines.
If a commercial real estate project not achieved COD (commercial operation date) and as per RBI master circular dated 1st July 15, took extension of COD for next 9 months (though as per rbi one year extension is allowed). Then please clear
1. On non achievement of revised cod whether account will be NPA or not ? If yes please share circular or guidelines for that. Because no where it is mentioned that account will be NPA on non achievement of COD.
2. When account will be classified as NPA after 9 months (as sanctioned by bank) or after 1 year as per rbi guidelines.