Given money to a friend. What can i do if i can't recover money?

In Recovery Law

I had given 42 lacs to my friend 12 lacs from RTGS & 30 lacs cash which I had withdrawn from my bank and on that behalf he had given me a cheque & promisery note and cash receipt (as a security). Now I feel he is becoming hostile.

What can I do now? What if his sign are wrong or he does stop payment of the cheque?

Answers (1)

276 votes

The fact that you have a cheque, promisory note and cash receipt is enough to prove the existence of the loan. 

So in case your friend does not make the payment within time, you can file a recovery suits with respect to the entire amount on the basis of cash receipts and  promissory note .

In the alternative you can initiate a Criminal Complaint as well against him under Section 138 of the Negotiable Instruments Act in case the cheque or promisory note is dishonoured.

So you do not need to worry about getting your money back as you have the documents to prove the existence of the loan and claim your money back in case the same is not paid.

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