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Kumar S N (Student)     22 August 2011

Unability to repay the loan


what are the defenses that can be taken so as to not repaying the loan taken freom a private finance, that generally finances movie .


 1 Replies

G Krishna Rao (Advocate)     26 August 2011

It is your obligation to clear the loan amount which was availed by you.  In the event of default you have to request the financier for further time.  In the event of your filure you have to approach the District Legal Cell and explain the situation seeking installments an time.  The authorities reconcile both of you and in case the reconcialiation failed, your financier can approach the Civil Court in case you executed any Promissory Note and to Criminal court in case if you issue any Cheque.

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