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How can I recover money lent to relative
17-Jun-2023 (In Recovery Law)
I have given about 28 lakhs to one of my relative for interest. Initially he paid interest for 6 months. After that he didn't paid interest and not returning my amount. After long time he gave me cheque for 4 lakhs last year that was the calculated as interest. But now he is not ready to pay me interest and not ready to return my capital money of 28 lakhs. So I need legal help to recover my funds along with interest for last 5 years.
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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