Legal Question in Banking Law in India
i had availed a personal loan from a nationalized bank. some of the instalments were repaid and then due to some unfortunate circumstances i could not repay. the bank had initiated an NIA for the cheque it was having with it. Meanwhile i tried to reach a compro but again due to my uncertain economic condition, it could not keep it. now the bank is so adamant that it is not ready to accept in instalments. I wish to avail a time period of almost 6 months for the same and wish that the bank should not proceed for another NIA. Please guide.
2 Answers from Attorneys
you may reach out to the bank and settle the matter.
You try to settle the matter with the Bank itself or if the Bank initiates legal action then defend yourself in court stating the economic conditions.
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