Shop on rent turns npa

5 years ago

We have taken a shop on rent for a period of 11months. Now the owner of the shop has turned Npa as he has not being paying his EMI for this shop loan for 5 months. However now the bank people are coming on our doorstep. We have heard that the bank can seal the shop. They have issued notices to him under SARFAESI. So he is telling us to pay the EMI to the bank. However we have spent lots of money on the interior and expenses of the shop. Our agreement is till May 2019. Today on discussion we decided to continue till he has our deposit money and not pay him the rent and let it be deducted from the deposit money. Once our deposit money is exhausted we will immediately vacate. But the owner refuses to understand he says either pay the rent or vacate the shop. While giving the shop he had told us that we can run our business for years and years. However in just 5months we are in a bad situation. Now what should we do. We do not have money to go somewhere else and incur losses by again doing so much expenses. We want advise as to what is the next step we should take. We are insecured whether he will give us the deposit once we vacate. He speaks very harshly and it's very difficult to make him understand. We want to wait till 10April 2019 without paying him any further rent and exhaust our deposit and leave. Please advise.