quesShareholder took a term loan.

My private limited company got Rs. 50 L loan from 3 persons of sample family. My product also being sold to the lender. But the lender has not given anything in writing to us about why they have given us money nor we have given anything in writing. There was no term decided for repayment of money. When we ask lender to do paper work they don't do it. So what is option for me to make paper work stronger so that my company should not be in unnecessary trouble?

  • ansThere must be a proper agreement contract/agreement for taking loan and its repayment. For validity of a contract there must be an offer, acceptance and a consideration or amount. For preparation of an agreement you may sent a notice with registered a/d to the lender, stating the facts for protecting yourself from any untoward issues in future.

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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