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Had given loan for 3 months, after 3+years no pmt & 7 cheque bounced


15-Jun-2024 (In Recovery Law)
I had given loan with an agreement on stamp paper to my friend. It was short loan to be paid in 3 months. Amount was 10-12 lakhs. He hadn't honoured even single cheque, all 7-8 cheques submitted have bounced and costed me charges also. Now even after 3 years he is not returning any money and just enjoying his luxurious life. What option do i have. I have a blank cheque left which he has given. Also most of the money was in bank to bank transfer. Interest rate decided after 3 months was 12%.
Answers (2)

Answer #1
931 votes
Can you please share agreement with us and please contact us so that we could guide you in a better manner. Thanks and Regards
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Answer #2
931 votes
actually as per the law the interest rate cannot be more than 3% on any lending if it is not registered under banking financial Services in case you get a check this honour you can file a case of negotiable instrument Act against your friend and the court will allow you the proper interest along with your principal amount a part from this you can also file recovery suite depending up on check amount and the agreement definitely you will get your money back definitely you will get your money back
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Advocate Hariom Dubey

Adv. Hariom Dubey

LawRato Varanasi / Banaras | 25+ Answers
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