I Need help in getting reprieve from exorbitant interest levied upon. I had taken cash loans to start up my business at various stages and have been paying interest of 5% per month for a summed up principal of 10 Lacs.
My business did not grow as planned and I am paying up close to 50,000/- per month as interest alone I had giving an e-stamp document of 50 rupees and had mentioned the dates I had taken cash and had given a cheque.
I have been off late finding it very difficult to pay interest and repeated requests to consider to give me time is not being considered by the party and I'm being threatened with dire consequences.I need time to repay that amount to the lender and would like to know if there is a way I could get a time grant from the Honorable court.
I would like to know if there is a provision to file a case in this regard. Your valuable suggestions and advice will be highly appreciated.