Legal Question in Credit and Debt Law in India

i am a small enterprenuers for the suppliers of stationary to the industry. I jave taken several personal loans & credit cards and have huge pending dues as I have literally get no orders in hand due to recession. I am harassed by the recovery agents of various banks who make obsene statement. I really dont know what to do? pleasse send me a solution at the earliest as i am finding very difficult to live with all these harrasement. dut to this i am getting suicidal tendencies. PLEASE HELP!!!

I HAVE TAKEN A PERSONAL LOAN FROM KOTAK MAHINDRA OF RS 150000 THE EMI OF WHICH WAS RS 5827 FOR A PERIOD OF 36 MONTHS OUT OF WHICH WE HAVE PAID 15 MTHS ALMOST REGULARLY BUT WOULD NOT PAY FROM THE MONTH OF DEC NOW WE HAVE RECEIVED SUMMONS FROM THE COURT & REALLY DO NOT KNOW WHAT TO DO IF ANYBODY CAN HELP ME WITH THE SOLUTION. PLEASE HELP


Asked on 7/27/09, 9:18 am

1 Answer from Attorneys
Vishwa Arya Arya & Co.

At best, your remedy is to go back to the banks and talk to them for moratorium and rescheduling of your loans giving the back ground of your circumstances.

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Answered on 7/27/09, 9:22 am


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