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What legal can be taken for Unsecured Loan
15-Aug-2023 (In Civil Law)
I loaned Rs 5Lac to a business firm on intrest @1.75% pm by cheques (Rs 3Lac on 31 may 2014 and Rs 2Lac on 20 Feb 2015) without any loan agreement. Earlier he was paying me intrest regularly but now neither he is paying intrest nor returning principal amount even after asking many times through mediator and directly by me. I donot have any lender license. Some one informed me that I cannot lend money on intrest to someone. It is crime and court can penalise me with fine and jail. I donot have any proof of loan other than credit of my cheques in his firm accounts. Please guide me to recover my amount. I am an ex serviceman very much worried. Thanks & regards
You can file a civil suit for recovery of your amount in the court having proper jurisdiction. You can also seek an interest on the amount from the court. But it is upto the court that how much interest he will assess while decreeing your suit.
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Adv. Nikhil Gupta
Jagadhri | 100+ Answers
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You can file suit of recovery against the firm. You have proof of credit of your cheques in firm account. But there is limitation of 3 years for filing the suit against the firm. You gave first cheque on 31.05.2014 and therefore its limitation has already elapsed. You gave second cheque of Rs.2 Lac on 20.02.2015. You can file suit for recovery for this amount only till 19.02.2018. There is no offence to give a loan to somebody.
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Adv. Anil Yadav
Gurgaon | 25+ Answers
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No, it's not so. You can get your money back by filing a suit for civil recovery. It is not a crime to lend money. As you don't have any written contract , you need to prove your case by oral evidence.
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Adv. Umesh Kumar Yadav
Gurgaon | 25+ Answers
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