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.
Send a legal notice for recovery of dues @ Rs. 1999/- only
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