Loan Recall Letter from Kotak Mahindra Bank

I have taken a personal loan from Kotak Mahindra in 2018. But due to COVID-19, my income was got affected and I deferred payment from March 2020 - August 2020. On August 23rd, I received an email from Kotak Mahindra stating "Your loan account has been placed under moratorium in-line with the bank's policy for the month/s of JUN-2020 to AUG-2020 due to COVID-19 situation" and a revised payment schedule. As per the email, new EMI is 8384 (Old EMI was 7708). This month I started paying the new EMI of 8384. But on September 11th, I received NOTICE OF CORRIGENDUM email from them stating the below details. Kindly advise me what should I do now. Kind attention is invited to the letter dated 25.08.2020 for recalling of Loan Facility bearing number 60884348. Please note that Clause 4 and 5 of the aforesaid letter shall be read as below. 1. “4. Therefore, we hereby call upon you to pay the entire foreclosure amount of Rs. 247628.96 along with applicable charges, receivables and interest to facilitate the closure of the said loan. 2. 5. Kindly note that in the event of your failure to make the payment of the aforesaid sum within seven (7) days of this notice, we shall be constrained to take appropriate recourse/initiate legal proceedings Civil or Criminal including Arbitral proceedings under Arbitration & Conciliation Act, 1996 (including rules and amendments made thereof till date), as per the said agreement for the recovery of its dues along with interest, cost and other charges, at your risk, cost and consequence.“ The other clauses/averments made in the aforesaid letter shall remain unchanged.