Took loan from a person. What all can he do legally against me?
I had an Apparel Export Firm that closed down 2 years back. I had taken money from friends and family to start this firm but incurred huge losses. One such lender had given me 10 Lakhs worth of cloth to make it into a finished product.
Now that he knows I am jobless and have incurred losses, he is torturing me mentally to give him his entire amount back. What all steps can he take against me Legally?
Answers (1)
He has the option of initiating both civil as well as criminal proceedings against you.
Civil will be one where he can file a recovery suit against you claiming the amount of money you owe to him for the cloth along with interest.
Criminal can be a criminal complaint against you for the offence of fraud and cheating stating that your intentions were dishonest from the inception.
The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

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 Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or contact a Lawyer of your choice to address your query in detail.
Related Questions
- Housing Loan non payment
- Enforeability on community based properties
- Took loan on behalf of a friend not paid installments.notice from Co.
- Harassed by bank for recovery asking huge amount after payment of EMI
- force to pay dues outstanding even before possession
- How can bank recover loan amount from mortgaged property
"LawRato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
Related Articles
- Time limit for filing a recovery case is it valid after 3 years
- Is promissory note valid if there is no date on it?
- CAN I TAKE STAY ON AUCTION FROM DRT ?
- Can loan guarantor sue the debtor for non payment
- Law on giving safe friendly loan in India
- How to file a suit for recovery of money
- How to seek father's government job after his death
- bank sent notice to settle credit card bill what to do.
- Regarding Personal Loan Default. How to do settlement?
- Conversion of education loan account as NPA without notice
- Can bank ask guarantor to repay loan if borrower is missing
- What is the court fee for declaration suit
- Client Refusing to pay money what action can I take
- Money cheating/fraud by a friendwe have proof's How to file a case ?
- How to seek father's government job after his death