Legal Question in Banking Law in India

Seek advise as to to resolve this issue.
I am a resident of Vasai, Dist.Thane, State-Maharashtra. Country-India.
I had applied for a loan of Rs.50000/- From kotak Mahindra bank ltd.,
They have given me a cheque of Rs.47451/- Dtd.23.12.2006. Tenure 36months, Rate of interest 33% p.a. But the schedule of payment showed disbursed amount of rs.50,900/- On which an instalment of Rs.2704/- was to be paid monthly . And they had also taken a personal loan cover policy of Rs.1227/- of mine. From 25.2.2007 to 1.1.2008 I have made a payment of Rs.27,337/- Till that date.
Thereafter I had losses in business, and could not repay the amount on time, and the payments all were not paid. I had the intention of paying the balance amount and had the inclination too. But due to heavy domestic and business losses, i could not recuperate and could not pay. Thereafter, the recovery agents had bothered me a lot. But now I am called in the vasai court for a hearing.
How can this be resolved, please advise as to what I need to do.

Asked on 9/01/14, 11:12 am

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Appear in Vasai court through your lawyer or personally. Ask the contract papers.submit written say to court.

Answered on 9/01/14, 5:24 pm

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