Recovery of money lended
K Pradeep
(Querist) 26 December 2014
This query is : Resolved
Sir, Sir, I am K Pradeep, from Kanaykumari (tamil nadu). As I was working in Army, at Hyderabad, I gave a loan of Rs 14 lacs to one friend from Orissa named PS Biswal, working in Indian Air Force, the amount was deposited into his SB Account in September 2012 in instalments, without obtaining any security, on true faith, for which he promised me interest @ 24% per annum. He was paying the interest (Rs 28000/- per month) regularly through my SB Account. The total interest and principal as on date is Rs 19.56 lacs (interested calculated upto September 2014). He paid Rs 7 lacs in October and November months together and he is promising me to pay the remaining amount very soon. The balance amount is 12.56 lacs (19.56 - 7 lacs). Sir, the amount I gave to PS Biswal is my hard earned money in Army. Now I want to have some security from Biswal. I want your valuable guidance and support, I need the following clarification from you now, thereafter I will conatact you in person :-
(a) Obtaining a Promisory Notice from Biswal for 12.56 lacs with back date (any date in October 2014) will be a good option, with revenue stamp affixed on the promisory note ?. He has not paid any single amount after September 2014.
(b) Can I accept a blank cheque worth Rs 12.56 lacs from Biswal in addition to the promisory note as an added secruity.
(c) Based on the promisory note, can I file a suit against him. If so, the money is recoverable from his pay and allowances, sine he is an Air Force Person. Whether such law is applicable to him being a Service men in Uniform, since there is a separate Air Force Act. If so, the amount can also be recovered from his pension after his retirement.
Isaac Gabriel
(Expert) 26 December 2014
Borrowing and lending is prohibited so far as Government servants.Try to amicably settle it with the borrower,lest both of you will have to face consequences by the force's disciplinary authority.
P. Venu
(Expert) 27 December 2014
I agree. Moreover, the interest charged is prohibitive. Even on equity, you do not have case as you have received back the amount advanced with some interest!
Devajyoti Barman
(Expert) 27 December 2014
This is purely illegal act. Settle the dispute fast amicably if you don't want your job to be jeopardised.
Dr J C Vashista
(Expert) 27 December 2014
@K Pardeep,
1. You have involved in illegal act which is specifically barred under the provsions of "Regulations for the Army" and "Army Act, 1958".
2. What is the known source of your income vis-a-vis saving and lending Rs. 14 lakh, while serving in the Army? I have served in Indian Army for about 38 years (in ranks and subsequently as a commissioned officer) and never confronted any soldier who can manage to earn, save and lend such a huge amount, which implies that you have earned the money through illegal means.
3. You have lent the money to an Air-Force personnel as stated in the quer if I take it to be correct, how you came in contact with a person "Outside" the Army, resident of Odisha state (not even from your state-Tamil Nadu),who has been paying you an interest @ 24% p.a.(again illegal). It means both of you are engaged in "some" conspiracy.
4. Did you obtain Money Lending Licence from appropriate authorities to seek help from the Court for recovery of money?
5. It would be better to get your query/ account deleted as soon as possible, otherwise you will be entrapped since you are available/ tracable on internet.
Rajendra K Goyal
(Expert) 27 December 2014
Money lending and taking private loan is prohibited without permission of proper authority in Government service. You are charging very high interest. The borrower is nice enough to give you back your money.
Better have amicable solution of the problem.
prabhakar singh
(Expert) 27 December 2014
Delete this query,sooner the better.
ajay sethi
(Expert) 27 December 2014
agree with DR JC vashishta
K Pradeep
(Querist) 27 December 2014
Sahab, I would like to know from you, as u said it is illegal, shall a obtain a promisory note from him, on today as if i am paying the money to him today in cash, to protect myself from legal angle, what should I do, i served in UN Mission for one year, that is why the huge money (14 lacs), the individual was serving with me in ECHS regional centre, it is a tri service organisation, that is where we met, he was account clerk there, now i am retired and settled in Kanyakumari, actually i want to go to Bangalore and want to have some blank cheques and promisory note, will it work sahab, please advise me, becoz it is my hard earned money, will it be recoverable from his salary, he has a property, a flat at Bangalore, but the property documents with a finance firm with whom he has taken loan, can I, with his permission, clear the loan, and put an agreement on a non-judicial paper for ownership of the flat, what should I do, please tell me sir
Dr J C Vashista
(Expert) 27 December 2014
Engage and consult a local lawyer.
Mr. Pardeep, is it probable to earn, save and lend 14 lakh rupees to another colleague even in UN mission ? I(personally) do not believe your statement.
Better to get this thread deleted as soon as possible, in your own interest, my sincere advise to you.
H.M.Patnaik
(Expert) 27 December 2014
Mr. Pradeep,
You can see the concern of a fellow defence personnel and a well wisher.
Better try to solve your problem engaging any experienced local lawyer at Bangaluru in own interest.
T. Kalaiselvan, Advocate
(Expert) 28 December 2014
Follow the suggestions advised by experts to you so that you do not face problems of money lending as well as losing your hard earned money. Talk to him and arrange for an amicable settlement.
Biswanath Roy
(Expert) 30 December 2014
The subject query and its continuance must be avoided. Grievance of the querist can be dealt with legally following the proverb "where there is a will there is a way" which needs face to face discussion in a legal conference.
