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Unable to pay loan borrowed by a friend
16-Apr-2023 (In Recovery Law)
I have taken a hand loan for business development purpose of 2Lakhs rupees from friend with interest of 3%/month, and issued a undated cheque with written bond for the same, i have payed interest for more than 6 months, but due heavy loss in business to my financial problems i am unable to pay even interest for the amount and the lender is chasing me to pay off the amount including interest immediately and threatening me and harassing like anything day and night though he knows my situation, saying he will file a case on me, please let me know how to handle this situation legally.
You are requiried to pay back the amount that was borrowed by you. Your friend can file a recovery suit against you to recover the amount. He can also present the cheque in the bank. In case where the cheque bounces, he can file a complaint in the court to recover the amount under section 138 of NI Act.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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