I had taken a home loan from the NBFC. However, due to business losses, I was unable to continue paying the EMIs. I had kept the NBFC in the loop on the developments and had managed to pay a couple of EMIs though a little late. However, I wasn’t able to continue, and the loan became an NPA.
I was in constant touch with the NBFC people - I informed them of my intention to sell off the property and repay the loan. In fact, they also referred a few potential buyers informally, but so far a sale did not materialize. I had even informed the NBFC of my intention to surrender the property. As per RBI guidelines, the NBFC has filed a case of cheque bounce against me.
Please suggest a course of action.