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How can I recover back the money lent to my cousin
30-Jun-2023 (In Recovery Law)
Hi, I have given about 30 lakhs loan to my cousin brother from 2011 to 2014. With a mutual verbal understanding that he will invest it somewhere and give me the share in the profit else 2% into per month on yearly basis. But he gave me only 4 lakhs in 2014 and he told me that he will pay me the interest or profit by Dec 2015. But he didn't paid any money to me and now he is not giving my principal amount and interest. All money transactions are done online and I have bank statement. So I need help from the advocate from hosur area who can help me to recover my money from him legally. Thanks
If any person to whom you have given loan of any amount, then in such case you shall have the right to claim money amount from that person by filing a recovery suit under order 7 rule 2 of CPC against that person. But before you file any recovery suit you shall have to send a legal notice for the recovery of the said amount of loan by giving him 7 days to repay. If he does not pay the loan amount within 7 days of such period, then the civil proceedings shall be commenced against him.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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