► Dear Sir,
I had taken a loan of 3,00,000 from Chinmay Finlease on behalf of my friend for his emergency. Unfortunately, I lost my job 10 months back and I was unable to pay the EMI's. Since I had unemployment insurance 4 months EMI and the first months EMI was paid, total 5 EMI payments totalling 1.8 Lakhs was paid. Now Chinmay has filed a case in Saras N.I. Court, CJM, Ahmedabad city under 25 Payment and Settlement Act 2007. The Magistrate has issued a SUMMONS TO AN ACCUSED PERSON (Section 63).
We are willing to settle with Chinmay with 90,000 spread over 3 EMI'S but they are stating that principal has to be recovered and this is below principal and asking 1.63L. This would make the total repayment amount to 3.43L. We are saying principal is the amount disbursed 2.7L. Regardless, I am not in a situation to pay due to joblessness and the loan was taken for a friend.
Requesting your humble advice in this matter at the earliest.
Regards
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