Business loan

[Bidyut]

Sir,
We have taken business loan from Standers Ch. Bank Rs.1000000/- We have paid almost EMIs only last 2 or 3 EMIs aprox Rs. 90000/- remain for paying. A very financial crisis facing by us. At present we are not in position to paid any amount. We are now taking initiative to taking refund Govt. IT, VAT & Service tax department. Also we are in the process of taking payment from our client. We are always ready to pay our dues to bank.
Bank has been filed case 138 for EMI bouncing.
Please give us suggestion for way out from this situation. All principal+ maximum interest has been paid by us.
Thanks

[cardbhai]

If it is still in the stage of Legal Notice, Follow this,

Negotiate with the Bank for Time. The Bank has done that to safeguard its interests in the event of you defaulting as EMI has bounced and legally it has to do so.

Give the Bank Additional Cheques along with an Affidavit stating you will clear their Loans, they may agree.

If you have got Notice from the Court for Appearance, then Consult a Lawyer who can get compromised otherwise Court can issue a Non Bailable Warrant against you.