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How to recover loan from a friend and have Promissory note signed
09-Sep-2023 (In Recovery Law)
Hi Sir/Madam, I had given a loan of amount Rs.3,00,000 with no interest to my friend in the month of January'16 and have agreed on returning the amount to me by December'16. When I asked him to return to me on or before December on some urgent need he is not ready to return and showing no interest to return the money at all. I have Promissory note signed with the witness of 2 people, so can I file a case on him ? or what procedure do I need to follow to get my money back by December'16.
You ought to have taken a undated cheque from him for the amount due. That would have helped you in filing a cheque bounce case if the cheque were not to be honoured. Now, the only option left for you is to file a money recovery suit in a civil court. Suit is a lengthy procedure and takes at least three to four years to be decreed.
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Raghavendra Rao B.K.
Bangalore | 200+ Answers
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A promissory note has to satisfy conditions to be enforceable. If the promissory note entered between you and your friend satisfies all the required conditions, then you can enforce it. If you have not mentioned the date on which the payment is to be made by your friend, then you can enforce it 3 months and 3 days after it becomes due. For Eg., if you received it on 1st Jan. 2016, it becomes payable on and after 4th April 2016 UNLESS A SPECIFIC DATE FOR PAYMENT was mentioned in it. So if your promissory note contains a date in December, 2016, then you have to wait till then and if your friend does not make the payment by or on the date, you can proceed against him for recovery. This advice is based on information provided by you, and I can assist better if I have more information.
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