Legal Question in Credit and Debt Law in India

We. Have. A business of hiring and rental (cranes) . For business purpose we have taken od by doing hp on oNe of our crane . From last 2years we have not made the payment as the bank is been closed due to error found in account and now only recovery is functional . Also we had conflict with the bank .now When we are asking them settlement amount they are not ready to. Give us and also they are treating us and our guarantor by sending notice that they will deduct amount from their salary . Which is creaing problem for us .request you to help us what. Should we do .


Asked on 3/16/14, 12:22 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

17.03.2014

Dear Sir / Madam,

You should sort out the reasons for conflict with the bank and reschedule your loan, interest rate and repayment terms and pay each revised EMI in accordance with the agreed terms. If you wish to clear the loan in one payment, you should negotiate a one time full settlement with the bank and obtain a no dues certificate with a mention that the loan A/c has been fully settled and closed on receipt of full and final payment thereon.

Regards,

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Answered on 3/16/14, 11:25 am


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