Legal Question in Credit and Debt Law in India
Non Payment of ICICI bank personal Loan
I have taken a personal loan of Rs. 2,00,000/- from ICICI bank. I have paid 8 EMIs, but now I am in financial trouble and not able to pay EMI for few months. What I should to do? Please suggest
2 Answers from Attorneys
Re: Non Payment of ICICI bank personal Loan
You have a legal obligation to pay. You should talk to the Bank and try to seek extension. If the financial trouble is too grave to make any payment, depending upon your other assets and liabilities, you may need to declare your 'insolvency'.
Re: Non Payment of ICICI bank personal Loan
Debtor cannot deny his position of being Debtor. You are under liability to retire debt. In case of your hardships, you may contact your banker for negotiation or extension of time. Bank has option to file suit against you for the recovery of loan as well as insolvency proceedings may be initiated against you on the instance of bank. Insolvency proceedings cannot be initiated against bank. Section 8 of the Provincial Insolvency Act, 1920 is reproduced here:---
8. Exemption of corporation, etc., from insolvency proceedings.--- No insolvency petition shall be presented against any corporation or against any association or company registered under any enactment for the time being in force.
Be careful.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
