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Recovery of money loaned to a friend on verbal agreement
14-Sep-2023 (In Recovery Law)
I had lend the amount of Rs. 10 lacs to friend in his firm with a verbal agreement that he will return the money in 2 months with 12 % interest per annum. But after 1 month he refused to honour the verbal contract. What legal standing do I have? I know he has not invested the money yet and is sitting in his bank account. What can court do in such matters?
how did you pay your friend the amount? in case you have given him by cheque or NEFT then you have certain evidence in your favour to prove that you have given the money to him. to start with you can send a Legal Notice to him asking back the money, if he does not you may file a suit for recovery against him in the court.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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