Shekhar (Not working) 25 September 2013
Ajit Singh Cheema (practising Advocate) 28 September 2013
your queries are replied hereunder in brief :1) Your credit history will be very badly effected .
2)The bank may have to file a suit and get a decree against you, if there is no mortgage of property ,otherwise if there is any property mortgaged the same will be sold out of court under the Sarfaesi Act.
3) It is very sincerely advised that you should personally contact the branch manager and explore chances of settlement.
4) Please remember you can explore the possibilities of settlement only by coming to the Negotiating table and by running away.