Took loan from a person. What all can he do legally against me?
I had an Apparel Export Firm that closed down 2 years back. I had taken money from friends and family to start this firm but incurred huge losses. One such lender had given me 10 Lakhs worth of cloth to make it into a finished product.
Now that he knows I am jobless and have incurred losses, he is torturing me mentally to give him his entire amount back. What all steps can he take against me Legally?
He has the option of initiating both civil as well as criminal proceedings against you.
Civil will be one where he can file a recovery suit against you claiming the amount of money you owe to him for the cloth along with interest.
Criminal can be a criminal complaint against you for the offence of fraud and cheating stating that your intentions were dishonest from the inception.
- 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.
Get Started >>
Answers by Our Lawyers
- claim on this property on ancestral basis
- Parents and relatives threatening if i marry a person of my choice
- Paid for the bike but ownership not transferred bike in police custody
- Ancestral property given to my Aunt's without my fathers sanction
- real estate company taken post dated chaque by police pressure