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What action can be taken to get back the loan given
16-Dec-2023 (In Recovery Law)
Sir/Madam, living in Puttur, Dakshina Kannada, Karnataka wants to know that, my father has retired from KSRTC last year and got some amount on retirement. By knowing this, one known person came for a hand loan of 5 lakh and borrowed it with an agreement stating about the loan and interest. But after a period of 4 months he didn't paid interest or principal amount for a period of 6 months till now. I just request you that, what kind of action can we take upon him to get the amount.
You can only file a money recovery suit against the borrower in Puttur. It is understood that you have obtained proper documents and acknowledgements at the time of lending the hand loan. You should be wary of persons approaching for money lest you may lose it.
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Raghavendra Rao B.K.
Bangalore | 200+ Answers
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What is the court fee for recovery of money?
The court fees for recovering money are 3% of the amount that is intended to be recovered. I hope this helps. The court fees for recovering money are 3% of the amount recovered.
What is a summary recovery suit case?
Order XXXVII of Code of Civil Procedure (1908) lays out the procedure for filing summary suits and adjudication. Summary suits are intended to be a fast and efficient way to collect debts or liquidated claims without having to go through the usual civil litigation process.
You can file a suit for recovery of money before the jurisdiction court of your taluk
For that you have to pay court fee 7.5% per lakh and you can claim interest from the date of filing suit till the principle and interest amount is paid.
You have to adduce evidence of yourself and atleast two attesting witnesses of the agreement.
Any how you have proof as to the sources of money from retirement, so you have good case go ahead and file suit for recovery of money you will succeed 100%.
Regards from
Ravindra advocate
For that you have to pay court fee 7.5% per lakh and you can claim interest from the date of filing suit till the principle and interest amount is paid.
You have to adduce evidence of yourself and atleast two attesting witnesses of the agreement.
Any how you have proof as to the sources of money from retirement, so you have good case go ahead and file suit for recovery of money you will succeed 100%.
Regards from
Ravindra advocate
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Adv. Ravindra Prasad
Kolar | 100+ Answers
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please contact a advocate for issue of notice and arrange for specific performance of the contract of agreement
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