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How to recover money given as a loan from a friend
11-May-2023 (In Recovery Law)
Hello, I had given a loan of 5 lakh to my friend on August 2013 and as a surety we made a agreement(e stamp paper) to give the money in 3 years>He could not return the money in 3 years and then gave promissary nore for the same in 2016.How do i go ahead for the recovery? Thanks Vishnu
Here you have two option. You can file a suit for recovery or on the basis of promissory note you can file case under Section 138 that the Promissory note is itself a instrument under the Negotiable Instrument Act.
Issue a notice on the basis of promissory note and demand back your amount If he failed to comply so you can proceed by filing case under civil and criminal in nature. you can contact us
Issue a notice on the basis of promissory note and demand back your amount If he failed to comply so you can proceed by filing case under civil and criminal in nature. you can contact us
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Adv. M Lakshmikanth Arya
Bangalore | 500+ Answers
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Hi you can file recovery of money for having proof as agreement and promissory note, if u have have cheque as instrument it can b bounced by presenting, later the first procedure s first v need to issue notice to your friend..
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Adv. Hemalatha
Bangalore | 25+ Answers
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Vishnu,
The statute of limitation comes into picture on and from the date during 2016 when the stipulated time to return the debt expires and it shall run till 2019.
At first you need to give him Legal notice of recovery to return the amount within 2 weeks.
If he doesn’t honour legal notice then for recovery you need to file summary suit.
You need to claim interest upon the amount too.
The statute of limitation comes into picture on and from the date during 2016 when the stipulated time to return the debt expires and it shall run till 2019.
At first you need to give him Legal notice of recovery to return the amount within 2 weeks.
If he doesn’t honour legal notice then for recovery you need to file summary suit.
You need to claim interest upon the amount too.
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