restructure of banking loan

Querist : Anonymous (Querist) 09 July 2011 This query is : Open
We have taken a term loan of Rs.2.40 crore for 60 months from nationalised bank for which along with capital and interest repayment amount is about rs. 8 lac monthly we have paid regularly for about 9 months now due to change in circumtances we have unable to pay this amount from last 2 months.

Please suggest me can we plan and ask bank to reduce the monthly payouts to rs.4 lacs and if bank does not agree what options we have as we are in service industry can we approach BIFR or any other agencies before the bank declare our account as NPA or go for securitication act.
thank you

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