- As per the RBI, the bank should give proper time and offers for the settlement of loan amount., on the ground of health and sudden loss
- If , the bank is not agree to give time, then don’t worry and let them to start legal action against you
- Firstly, the bank will issue demand notice prior to take legal action from the court. You can reply the same after narrating the whole story of business failure.
- Even, if the bank filed a case before the Court, you will have much time to repay the said loan amount and to settle the matter according your present situation.
- Hence, firstly try to communicate with the bank official for settle all loans , if not agree on your proposal then , you can request to the court after narrating your situation , in case bank files a case against you.