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Recovery issue of a loan given to friend
14-Apr-2024 (In Recovery Law)
A friend to who owes me around 33 lakh (20 lakh principal + 13 lakh interest) given in Loans (documented in loan agreements) of Rs 5 lakh(through cheques) in Feb 2021, Rs 10 lakh(through cheques) in Aug 2022, 5 lakh(through online modes but no agreement) is giving execuses of financial crunch. I have proofs of loan agreement of 15 lakh, chque/bank transfers, voice call recordings, whatsapp video call recording. I am pushing him to create a new agreement mentioning the latest amount that he owes
hello sir,
I went through your query. but you haven't specified what remedy you are asking from us and how should we help you.
kindly make it specific what you are actually seeking for. for any sort of legal guidance and remedy you can contact me.
thank you
I went through your query. but you haven't specified what remedy you are asking from us and how should we help you.
kindly make it specific what you are actually seeking for. for any sort of legal guidance and remedy you can contact me.
thank you
Helpful?
Adv. Megha Mary Thomas
Delhi | 100+ Answers
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First of all rather than going legally you should serve him/her a legal notice and in that notice you can write that either pay my money or face legal action which will be at your own risk. After that if he/she fails to give you a satisfactory reply then you can anytime file a recovery suit in the court to claim your money back along with compensations.
Helpful?
Adv. Jitender Singh
Delhi | 500+ Answers
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you can recover the money after filling the recovery suits The process is very simple , collect all evidence related to loan and loan agreement, then। file the case ,
the other party will appear and put his own version of defence,
the other party will appear and put his own version of defence,
Helpful?
Adv. Mukesh Kumar Sah
Delhi | 5+ Answers
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Hello,
Why to seek a new agreement when you’ve all the documents for proving the transaction of loan. Since you’re having the cheques with you, you can also get them dishonoured by presenting before the bank and that ways he will get within the realm of NI Act. You can also seek civil action against him in the form of a recovery suit under order 37. Additionally, a police complaint can also be filed.
Why to seek a new agreement when you’ve all the documents for proving the transaction of loan. Since you’re having the cheques with you, you can also get them dishonoured by presenting before the bank and that ways he will get within the realm of NI Act. You can also seek civil action against him in the form of a recovery suit under order 37. Additionally, a police complaint can also be filed.
Helpful?
Adv. Rajnish Kumar Singh
Delhi | 100+ Answers
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It’s your call, either u can despite the cheques asap keeping in view the limitation act and let the trail goes on until he repays you the entire amount !
You do have additional option of suit for recovery including order 37.
Kindly b in touch to understand the legalities!
Thanks
You do have additional option of suit for recovery including order 37.
Kindly b in touch to understand the legalities!
Thanks
Helpful?
Adv. D. Khan
Delhi | 500+ Answers
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