Legal remedy in case friend not repaying money nor paying EMIs
08-Jan-2023 (In Recovery Law)
I have taken a personal loan of 5 lakhs on behalf of another person, who had committed to pay all 37 emi's of 16500 each for 3 years starting from jan 1st 2018. Along, with this loan amount, I have given him 2.55 lakhs as well. In return, he has given me a cheque of 8.5 lakhs. But, now he is telling me he can't pay emi's and return my money. So, what can I do here legally..? Do I need get an agreement as well from him mentioning the above amount and scenario..? If agreement needed, what should be the content for my scenario here. Request you to help me out on this.
Its better you come up with the agreement, which states the liability and also the loan to be mentioned.
The time period mentioned would be more helpful and also the same to be drafted in not less than Rs 200 bond paper with title/purpose memorandum of understanding/ or hand loan as no other title would suit the said query. Detailed description would be more helpful.
The time period mentioned would be more helpful and also the same to be drafted in not less than Rs 200 bond paper with title/purpose memorandum of understanding/ or hand loan as no other title would suit the said query. Detailed description would be more helpful.
looking into your explained detials, if he given you cheque for that present it and if it is bounced you can initiate cheque bounce case after issuing the legal notice to him as per the NI Act. or otherwise also you can initiate recovery proceedings against him
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