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how to recover money lent to family friends as they are refusing now
11-May-2023 (In Recovery Law)
We have lent 20lacs to a family friend. We have all documents for the same. Now the amount is 40lacs including interest. now they say we can only give 17 lacs whereas the amount lent to them was 22 lacs. How can we recover the amount from them now?
If your family friend is very adamant in returning back your amount then you have the option to file a recovery suit against him by approaching the civil court. More importantly the interest part depends on the terms of the documents available with you.
The limitation to file recovery suit is 3 years, calculated from the date of refusal to return the amount or as per the terms of the agreement, as per Limitation Act.
You also need to pay appropriate court fees as per Court Fee Act while filing recovery suit.
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