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How to file recovery suit against promissory note
13-Aug-2023 (In Recovery Law)
Sir I have lent Rs.1 lakh on 22nd February, 2009 to my relative and he executed promissory note and his relative gave a cheque towards suriety & gurantor. He promised to repay the principal & interest amt as and when I demand. On 5th April 2012 he paid Rs.10000/- interest & it was interest on back side of note. On 3rd Sptember 2015 he again paid Rs.20000/- towards interest and it is written on back side of the same note. Now I want to file a suit to recover the principal amt and remaining interest. Shall I make both of them as parties and is this note valid? Please suggest
Yes, both of them will be parties to the suit and yes the note is valid.
Generally speaking, you will have three years from the due date to file a suit. Here, since the pronote was executed in 2009, it maybe possible that 3 years have elapsed from the due date. However, since the last payment was received on 3rd September, 2015, we can file a suit within 3 years of that date. Hope this helps.
Generally speaking, you will have three years from the due date to file a suit. Here, since the pronote was executed in 2009, it maybe possible that 3 years have elapsed from the due date. However, since the last payment was received on 3rd September, 2015, we can file a suit within 3 years of that date. Hope this helps.
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Adv. Ramana Reddy
Hyderabad | 25+ Answers
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