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One Firm owner taken loan from me not returning back
23-Apr-2025 (In Recovery Law)
I have transferred 3lakh rupees on my friends firms current account to do electronics goods trading business.
He agreed to give me 9000/- per month wether he makes profit or loss. But from last 2 years he has not given me any money and also not giving my principle amount. What legal action can I take?
First you send a legal notice to return the money and if has not returned it after the notice period you can file a summary Suit / Recovery Suit to get back the money . You have to send the notice as earliest as possible .
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Adv. Deepak Tiwari
Mumbai | 50+ Answers
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You have the option to file for recovery of amount along with interest and damages. You'll have to first send a legal notice demanding the amount and if your friend fails to comply with the same, then a civil suit in the court.
Further questions:
1. Whether this arrangement was put on a legal agreement?
2. When was the amount transferred to your friends account and how much return of investment has he paid you till date?
Please also note that you have only 3 years to file a suit for recovery from the date he has failed to fulfill his promise. However, I'll have to check all the details of the case with you in order to calculate limitation period.
Hope it helps.
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Adv. Himanshu Subodh Shah
Pune | 25+ Answers
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Well, you can lodge a Police Complaint against him and get this Complaint converted into a FIR by including all the Cognizable Offences into your Complaint, so as to create legal pressure upon the opposite party to return you your Rs 3 Lakhs aback, before the lodging of FIR itself.
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Adv. Pankaj Bajaj
Mumbai | 1000+ Answers
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