is this paragraph correct

[rajan]

Would you please help me in correcting or improving the following paragraphs.

Thanks
Rajan

The project on which company banked upon that these new projects can revive company’s financial conditions got failed. Company is in huge debts. Company has taken a lot of loans from the banks for these projects. Most of the revenue which flows in gets utilized in repaying the loans. Company has been the defaulter of many banks. Even Employees’ salary gets delayed.

[sarat_106]

Would you please help me in correcting or improving the following paragraphs.

Thanks
Rajan

The project on which company banked upon that these new projects can revive company’s financial conditions got failed. Company is in huge debts. Company has taken a lot of loans from the banks for these projects. Most of the revenue which flows in gets utilized in repaying the loans. Company has been the defaulter of many banks. Even Employees’ salary gets delayed.

The project on which company has been banking (ed) upon with the hope that these new projects can revive company’s financial conditions, got failed. Now the company is burdened with (in) huge debts. The company has taken a lot of loans from the banks for these projects. Most of the revenue which flows in gets utilized in repaying the loans. Even then, the company has been the defaulter of many banks. Even payment of Employees’ salary gets delayed.

Delete words in brackets