AGREEMENT BETWEEN BOTH PARTIES TO LOAN AND TERMS OF INTEREST PAYMENT

Question

AGREEMENT BETWEEN BOTH PARTIES TO LOAN AND TERMS OF INTEREST PAYMENT

13-Sep-2023 (In Recovery Law)

I WANT TO ENTER INTO AN AGREEMENT WITH MY FRIEND WHOSE FIRM IS FINANCED BY MY MOTHER TO THE TUNE OF RS 10 LACS IN 2014, ON MUTUALLY AGREED TERMS OF 1% INTEREST ON MONTHLY BASIS. THE STIPULATED PERIOD WHEN MY MOTHER WANTS, HIM TO RETURN THE AMOUNT, IS TWO MONTHS INTIMATION IN ADVANCE. NOW HE IS DELAYING PAYMENT OF INTEREST AND AVOIDING THE RETURN OF THE AMOUNT. NOW MY MOTHER WHO IS 72 YEAR OLD, AND NOW WANT HER MONEY BACK.

Answers (5)

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Adv. Rishabh Gupta Adv. Rishabh Gupta

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Advocate Jitender Singh LawRato · Accepted Answer · 2023-09-13T11:59:35+05:30

Answer #2

First of all rather than going legally you should serve him a legal notice and in that notice you can write that either pay my money or face legal action which will be at your own risk. After that if he fails to give you a satisfactory reply then you can anytime file a recovery suit in the court to claim your money back along with compensations. For more legal assistance I am just a call away.

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Advocate D. Khan LawRato · Accepted Answer · 2023-09-13T15:24:40+05:30

Answer #3

You need to hire an expert advocate in this regard who will first send the legal demand notice followed by suit for recovery in the concerned court ! This is the only option to proceed with such cases of recovery B in touch

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Advocate Kunal Sinha LawRato · Accepted Answer · 2023-09-14T17:49:51+05:30

Answer #4

As per the facts presented this person has been avoiding paying the loaned money and has denied the interest. Now did you in your agreement have a date for repayment? Was there a clause in the Agreement mentioning indemnity, or any clause mentioning security? It's important that you proceed and explore your legal recourse by sending a Legal Notice and subsequently filing a Suit for Recovery.

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Advocate Kunal Seth LawRato · Accepted Answer · 2023-09-15T13:34:31+05:30

Answer #5

for getting money back a case for recovery of money can be filed in civil court. however there is a time limit for filing such a case. the last transaction should not be more than 3 years. should you have any questions please feel free to contact me.

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Adv. Kunal Seth Adv. Kunal Seth

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