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Q. Loan default due to crushed my business

Q.Loan default due to crushed my business
I have taken a business loan from kotak mahindra bank . due to my business crushed down i can't able to repay my emi . i request my bank to reduce my emi.. Can bank reduce my emi.. Or what can i do legally to my bank

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 3 months ago

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A. ) Dear Sir,
You may approach Banking Ombudsman or Higher Officers of Bank. They have discretionary powers.

Please call me and take legal consultancy on my mobile through the administrators of this website.

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Shreyash Mohta

Experience: 1 Year(s)

Responded 3 months ago

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A. ) Try to talk to bank and repay the same in installments. If not then file an insolvency suit.
Thanks
Shreyash Mohta

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Alpesh prajapati

Replied 3 months ago

I will try .. But insolvency is claim by other party.. Can i file my insolvency by self ?

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 3 months ago

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A. ) It is binding on to pay it . U can make request to the bank manager for it

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