Govt. subsidy loan

Raju Deka (Querist) 15 June 2017 This query is : Resolved
Sir, i had taken a govt. subsidy loan under pmegp scheme.My project was Flex printing. But due to some problem my business didnt work succesfully & i m bankrupt. After paying some installments i was not in the condition to continue the installments. Now the bank had filed case against me. What shall i do now..?? My current economical condition is very poor. Plz suggest.

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Dr J C Vashista (Expert) 16 June 2017
Discuss with the bankers and bargain for adjustment of interest and penalty, however, you will have to repay.

Rajendra K Goyal (Expert) 16 June 2017
If you can, arrange the money, ask the Bank for compromise on payment of principle and some interest and proceed.

If Bank does not agree, may wait for Lok Adalat.

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