Legal Question in Banking Law in India

I had taken a loan of Rs.2.48L..from citibank.for 4 yrs..I had paid for 2 yrs and 3 mths.but due to loss in business i couldn't pay the emi.the emi was of rs.7100..since a yr.the principle is rs.1.28 L...but i am not in the position to pay and ask for settlement .they offerd me Rs.70000.but i requested them i can pay only Rs.35000 in 3 emi.but they are refusing.and also telling me that they willtake to the court in chennai..so what should i do..


Asked on 12/23/09, 4:39 am

1 Answer from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

You may make your offer of compromise in writing to the bank explaining your situation. If the bank goes to court, you may need to defend your case in accordance with law, preferably through a local lawyer.

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Answered on 12/24/09, 9:55 am


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