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Not able to pay loan amount what can I do
21-Jun-2023 (In Recovery Law)
We took loan of Rs 9 Lakhs from an individual in cash for business purpose at 8% per annum. After paying these huge interest our firm ran out of cash and we had to shut the business. The entire transaction was in cash. Can the lender seek legal help for recovery? What are the measures we can take to avoid any civil or criminal proceedings of the court?
Dear sir,
Entire chances of recovery would depend upon terms of your oral contract and its subject to proof before the court. Usually cash transaction are difficult to be proved you can chance. I dont see any chance of facing any criminal proceedings. only civil suit for recovery can be filed. At this stage difficult to say about result of future civil action for recovery. However, it is advisable to settle the matter since you have taken money.
Entire chances of recovery would depend upon terms of your oral contract and its subject to proof before the court. Usually cash transaction are difficult to be proved you can chance. I dont see any chance of facing any criminal proceedings. only civil suit for recovery can be filed. At this stage difficult to say about result of future civil action for recovery. However, it is advisable to settle the matter since you have taken money.
Helpful?
14+
14+
Adv. Sunil Kadam
Mumbai | 100+ Answers
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would like know if you have done any paper work on this. cause as per PMLA (Prevention of Money laundering act) no individual can give this kinda loan. what kind of business it was as if you had investment of such amount then you would be able to repay by selling assets. incase there is paper work then i would like to know what kind of paper work is done.
Helpful?
10+
10+
Adv. Ashley David Cusher
Palghar | 25+ Answers
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