Non recover of money
shah dipesh
(Querist) 16 July 2011
This query is : Resolved
i have lended some money to one person by cheque. it is in the balance sheet as unsecured loan and was paying me regular interest. but now he has stopped paying interest and also refusing to give money back. now what should i do to recover my money and if possible please let me know the section under which i can proceed.
adv. rajeev ( rajoo )
(Expert) 16 July 2011
Are you financer? If not you are not entittled to receive interest on the loan given to the person.
You can say it is hand loan without interest. To recover the money lent first you will have to issue notice then you will have to file a civil suit for recovery of money with cost.
Advocate Bhartesh goyal
(Expert) 16 July 2011
File a suit for recovery of money and before filing issue him a legal notice.
prabhakar singh
(Expert) 16 July 2011
Experts are doubtlessly right but you can recover it only when date of cheque given is with in 3 years on the date of suit,otherwise even one day delay will make the suit time barred,check it before wasting any time in serving notice as no legal notice is required
in your case,it is only to prove demand and refusal,which can be proved even orally if the limitation is passing.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 16 July 2011
Those were British days Mr Rajoo , your advice is history.
No hand loan even one is believed by the courts now , be political and recover by freinndly means.
Once you issue notice and go to the court will also attract penal action of no of laws.
