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How to recover loan from friend
15-Jun-2023 (In Recovery Law)
I have given friendly loan of 1.8 lakh in cash to my friend & given 5 months time. 5 months time is almost completed & now he is not replying to my call also. I have done notary with him but not taken any witness's signature. please advise what could be done? I stay in
If agreement is signed by both parties, it remains on record and is a valid piece of evidence. You will first write a written request to the borrower asking him / her to repay your monies within 15 days. If he / she fails, you will have to resort to Police action and lodge a complaint for recovery. The Police will summon the friend to the Police Station for questioning, where he / she will confess to have taken the money from you and will be compelled to agree before the Police Officer on the date of repayment, which statement will be recorded by the Police Officer. The issue will be amicably resolved and you will recover your monies.
LASTLY - I would also recommend filing a criminal case under S. 405/406 and S. 420 (Criminal breach of trust and Cheating and dishonestly inducing delivery of property, respectively) as an additional measure. The criminal charges will not stand in trial, but the judge will accept the case, and knowing he is embroiled in a criminal case, will encourage your friend to pay up faster, unless he is a seasoned debt defaulter.
LASTLY - I would also recommend filing a criminal case under S. 405/406 and S. 420 (Criminal breach of trust and Cheating and dishonestly inducing delivery of property, respectively) as an additional measure. The criminal charges will not stand in trial, but the judge will accept the case, and knowing he is embroiled in a criminal case, will encourage your friend to pay up faster, unless he is a seasoned debt defaulter.
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Adv. JV Bhosale
Mumbai | 400+ Answers
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Yes, you can recover the loan amount by filling a civil suit for recovery. Keep records of the text and emails sent to your friend for asking back the loan amount and also maintain the record of his acceptance in reply to your emails or texts. For any further clarification kindly book a consultancy call.
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