Procedure to recover money from a friend legally
02-Apr-2023 (In Recovery Law)
If you have lent money to a friend and they have not repaid the amount as agreed, you may be able to recover the money through legal means in India. Here are the general steps you can follow:
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Send a demand letter: You can start by sending a demand letter to your friend asking them to repay the money they owe you. The letter should clearly state the amount owed, the terms of repayment, and a deadline for repayment.
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File a civil suit: If your friend does not respond to the demand letter or refuses to repay the money owed, you can file a civil suit against them in a court of law under the provisions of the Indian Contract Act. You will need to provide evidence of the loan, such as bank statements, receipts, or written agreements, to support your claim. The Act provides for the following remedies in case of a breach of contract:
- Specific performance: This remedy requires the party in breach to perform their obligations as per the terms of the agreement.
- Damages: This remedy allows the aggrieved party to claim monetary compensation for the losses suffered as a result of the breach of contract.? -
Attend court hearings: Once you have filed the civil suit, you will need to attend court hearings as scheduled and present your case to the court. Your friend will also have an opportunity to present their case and respond to your allegations.
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Obtain a judgment: If the court rules in your favour, you will be issued a judgment against your friend, which will require them to repay the money owed to you. If your friend fails to comply with the court order, you may be able to take further legal action to enforce the judgment, such as seizing their assets or garnishing their wages.
It is important to note that legal proceedings can be time-consuming and expensive, and it may be worth exploring other options for resolving the issue, such as mediation or negotiation, before pursuing legal action.
What to do if someone is not giving money back?
Can I file FIR if someone is not returning my money?
Can police help in recovery of money?
There are various ways in which you can recover your money with interest. You can even recover your money if there is nothing in writing between both the parties regarding the lending of money. You can either get your money through legal way or through the other ways available.
- Send a Legal Notice: Begin by sending a legal notice to the person who owes you money. This notice should state the details of the debt, including the amount owed, the reason for the debt, and a demand for payment. You can seek the assistance of a lawyer to draft and send this notice.
- File a Civil Suit: If the person does not respond to the legal notice or refuses to pay, you can file a civil suit in the appropriate court. In India, civil suits for recovery of money fall under the jurisdiction of the appropriate civil court. Your lawyer can help you with this process.
- Provide Evidence: During the civil suit, you'll need to provide evidence of the debt, such as contracts, agreements, or any communication that establishes the loan. Your lawyer will guide you on the necessary documentation and evidence required.
- Court Proceedings: Once the case is filed, the court will initiate proceedings. Both parties will have an opportunity to present their case, and the court will make a judgment based on the evidence and legal principles.
- Enforcement of the Judgment: If the court rules in your favor, it will issue a judgment in your favor for the recovery of the money owed. You can then take legal steps to enforce the judgment, which may include seizing the debtor's assets or garnishing their wages.
- Alternative Dispute Resolution: In some cases, you may consider alternative dispute resolution methods like arbitration or mediation to resolve the dispute out of court. These methods can be less time-consuming and costly compared to litigation.
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.
Ravi
I have given 1.5 lakh to someone half money was tranfer in his account half was in cash he not returned that money since 4 years. How can i recover my whole money?
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