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Legal consequences in case took loan from someone and failed to pay
13-Mar-2023 (In Recovery Law)
One person give me 12 lac as a investement...am agree with his...but now the total amt loss in share market...now wt action he will take...n wt case file against me...i ll pay all amt...but how many time n intrest pay me to him....by law....kindly ans my question asap...
Loan from any person is certainly binding you under liability to repay him. But what proof document and security you have given to secure loan from him are important factor. Interest computation are also part of your agreement. There is something call bank rate at which banks charge interest. Legal action against you depends on kind of agreements and security given to obtain loan.
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Adv. Amarendra Sinha
Mumbai | 25+ Answers
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Hi. The lender has remedy against you both under civil as well as criminal law. He can file a police complaint against you for embezzling the amount lent to you. He can also simultaneously file a civil suit against you for recovery of money. He can claim interest on the lent amount anywhere between 18 to 24% but that depends on how much the court awards him. I suggest if you want to avoid the legal consequences then you give the lender certain security like gold or other valuable with proper documentation, until you are able to refund his money with interest as agreed.
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Kindly let me know if you have signed any agreement with regards to the said transaction. Also let me know as how did he pay you the amount in which form. Your lender can file a criminal case against you or a civil recovery suit. As per law it is on court's discretion to award the interest, the court always impose interest on the claim amount. For more detailed advice and any further clarification kindly book a consultancy call and provide me with more facts and details.
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