Promissory note
Spartan
(Querist) 31 July 2012
This query is : Resolved
Hello Sir,
I gave Rs 1,00,000 to my cousin in Apr 2009 for his business. I have transferred this amount to his friends bank account and that time no promissory note was written. Till today, he has not paid to me and recently (Jan 2012) executed a Promissory note for the same with his Own Signature and hand writing. It is mentioned that 2% per month as interest. While executing he promised me to pay the amount in installments and have not paid single rupee until now though he is getting good salary and he and/or his family is not attempting my calls and started fighting with me when I ask them money.
Please advice me how to recover money from him?
Thanks in advance.
V R SHROFF
(Expert) 31 July 2012
Though the debt is Time Barred , as it is accepted in Jan 2012, you issue him notice of Demand to pay you within 15 days failing which you are filing Summary Suit to recover your money.
In Jan 2012, along with PN, you should have demanded Cheque. , so 138 was possible.
Spartan
(Querist) 31 July 2012
Hi Shroff sir,
Thanks for the needful reply.
Can you please elaborate me on 138. What kind of impact will he face if I file Demand followed by Summery suit??
V R SHROFF
(Expert) 31 July 2012
First you get cheques for recturn of ur debts, then u can get recovery faster [138 n i act].
ajay sethi
(Expert) 31 July 2012
your claim is barred by limitation . money advanced in april 2009 recovery proceedings should have been filed within 3 years . in addition money was not advanced directly but to friend account . he will simply deny his liability
Spartan
(Querist) 31 July 2012
Thanks, Mr. Sethi.
But, He gave two promissory notes with Rs 50,000/- each and dated in Feb 2012.
It is written by himself and signed.
Can he still deny to pay the debt??
Devajyoti Barman
(Expert) 31 July 2012
You can file suit for recovery of money at the earliest.
ajay sethi
(Expert) 31 July 2012
if he has given promissory notes in feb 2012 then issue legal notice and file summary suit for recovery of out standing dues
Raj Kumar Makkad
(Expert) 13 August 2012
suit for recovery is the only remedy in your case.
Anirudh
(Expert) 13 August 2012
Dear Spartan,
Everything will depend upon the exact wordings in the Promissory note.
If possible, by removing the names that may occur in the promissory note, please indicate the exact contents of the promissory note. So that, one can go through the contents and then give you a useful answer. Otherwise, all of us will only be beating around the bush, with no tangible result.
