quesNot able to pay loan.what to do?

Taken loan underPMRY for machinery n euipment.got heavy loses so closed bussiness due to money crises.also called all prb to bnk officials bt no one care,now they file debt recovry suit against me.what to do now as m still unemployed nt hv anythng to pay.i already paid 1 lakh for loan sanction n approx 2 lakh as instlmnt before bussiness close. Loan 9 lakh 3 yrs ago. Plz guide. Bnk has only right to seal manchinery or do anything against me or family

  • ansHi. Repayment of loan must be ones first priority as it helps u to maintain ur cibil score as well and keep u entitled for loans at any stage. Further if u r not able to pay ur existing loan thenthe bank has the right to act according to the loan agreement which may include criminal and civil prosecution and also seizure of machinery.

    Advocate Gurmeet Singh

      Green Mark Main, Delhi

  • ansthe loan is for machinery and you paid approx 3 lakh in total, and remaining 6 lakh for that bank file an debt recovery, and you don't have any source of income due to loss in business and you are not working as well according to your question because you are unemployed.

    in that you should go with your case by saying that i am ready to make payment to the bank but for that i want some time in that regard court ask you how much time you need you can say. if you are not able to do that so you try to make some arrangement, and much more what agreement you have signed.

    Advocate Sandeep Singh

      Lajpat Nagar- III, Delhi

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Consult best Recovery lawyers in India

Recovery Lawyers

Advocate Jaspreet Singh Rai

  Greater Kailash 1
 Experience: 13 years

Advocate Sunil Kadam

 Experience: 8 years

Advocate Prashant Mendiratta

  Lajpat Nagar 4
 Experience: 23 years

Advocate Harish Malhotra

  District Court
 Experience: 18 years

View all >>

How it Works

Know how LawRato makes legal easier and effortless

Ask a Free Question

Post a question and get free advice from multiple lawyers

Talk to a Lawyer

Easily find and book private consults with top lawyers in India

Get Fee Estimate

Receive multiple quotations for your legal requirement instantly