Legal Question in Bankruptcy in India
Ip
My brother has taken personal loans and credit card loans from different banks and now he is not in a position to pay the monthly instalment and what is the remedy for this. Will bank give any concession on the principle and interest if he wants to settle.
Asked on 4/18/09, 1:40 am
2 Answers from Attorneys
Homi Maratha
N.N. Maratha & Co.-Advocates
Re: Ip
Contact the Bank Authorities and clarify the situation.
Answered on 4/18/09, 4:50 am
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Re: Ip
The concessions by banks may depend upon mutual negotiatinos and your personal dealings. They may settle the account for less if you can estbalish that you do not have the 'capacity' to pay.
Answered on 4/18/09, 6:13 pm
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