In 2004, my father took a loan of 32,000 rupees from the Bihar State Minorities Financial Corporation (BSMFC). He used to repay the loan through monthly EMIs via cheques.
During that time, one of my father's friends suggested that the loan would be forgiven if we closed the bank account. Regrettably, my father followed this advice, and as a result, the check bounced.
In 2011, a case was filed against my father. But we had no idea about it because we never received any notices at home. Now, we've just found out that there's a case against my father.
The first hearing on this matter occurred in 2018, and again, we were unaware of it as no notices were delivered to us. The next hearing is scheduled for October 2023.
The total amount now has to be paid with interest is 1,50,000.
How can we settle this? Please guide us.
I'll be grateful for your assistance.