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Legal help in obtaining get time from lender to pay loan amount.
08-Nov-2023 (In Recovery Law)
A builder from banglore has given some money to my brother for business purpose for handsome return. The business flopped and now the builder wants the money immediately. We tried to reason with him to give him time to arrange money but he is using pressure tactics like living in a hotel near his house and daily asking for money and threatening to harm him. What are the legal help we can get for obtaining some time from him for repayment.
Dear Querist
First thing is if you have taken a loan from him, you need to repay it on terms and conditions agreed between builder and you. Having said so still there are other things to be taken into consideration as such as (1) Is there any binding contract entered into between the parties, (2) If there is existence of contract what are the terms entered into by both of you, (3) does the contract consist of any terms not enforceable in accordance to prevailing law etc.
Legal Remedies available to you
1)In all fairness Builder cannot use pressuring tactics to recover his money from you. He has to initiate appropriate steps in accordance of law to recover his amount from you. Any threats to harm you are punishable under the provisions of IPC and for the same you can file Police Complaint against the Builder.
2) If three years has elapsed from the due date of the loan repayment, than in such an event it becomes time bared. In such an event do not acknowledge your liability in oral or written form. (however for taking this defense terms of contract are to be understood)
3) If your case does not fall in point 2) and there is a valid contract subsisting between parties, than you can write a letter to him requesting for reschedule of payments but in no way any inhuman actions can be taken against you.
The above stated suggestions are general in nature and it depends on case to case basis and moreover facts of your case will have to be analysed for exploring appropriate legal remedies available to you
Regards
Adv. Vinit J. Mehta
First thing is if you have taken a loan from him, you need to repay it on terms and conditions agreed between builder and you. Having said so still there are other things to be taken into consideration as such as (1) Is there any binding contract entered into between the parties, (2) If there is existence of contract what are the terms entered into by both of you, (3) does the contract consist of any terms not enforceable in accordance to prevailing law etc.
Legal Remedies available to you
1)In all fairness Builder cannot use pressuring tactics to recover his money from you. He has to initiate appropriate steps in accordance of law to recover his amount from you. Any threats to harm you are punishable under the provisions of IPC and for the same you can file Police Complaint against the Builder.
2) If three years has elapsed from the due date of the loan repayment, than in such an event it becomes time bared. In such an event do not acknowledge your liability in oral or written form. (however for taking this defense terms of contract are to be understood)
3) If your case does not fall in point 2) and there is a valid contract subsisting between parties, than you can write a letter to him requesting for reschedule of payments but in no way any inhuman actions can be taken against you.
The above stated suggestions are general in nature and it depends on case to case basis and moreover facts of your case will have to be analysed for exploring appropriate legal remedies available to you
Regards
Adv. Vinit J. Mehta
Helpful?
13+
13+
Adv. Vinit Jignesh Mehta
Mumbai | 25+ Answers
CONTACT NOW
Immediately complain to the nearest police station and you may give him a promissory note or sign a consent term letter with builder's and your brother's signature agreeing upon payment schedule as applicable.
Helpful?
10+
10+
Adv. Ramgopal Aiyer
Navi Mumbai | 200+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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