Recovery of money

Yes if he fails to return you the complete money by the date/year he has promised to pay, you can on the basis of all the undertaking given by him, and other documentary evidence can file sumary suit for recovery of the money under order 37 Civil Procedure Code in the district civil court.

Though your claim is time barred but since he has accepted his liability and also assured to return by 2019 so in the light of admission the limitation revived and if he does not pay as he promised then you can also recover the same through court.

Apparently your claim is time barred,but if your relative has acknowledged the loan amount in wŕiting within the period of three years from the date of borrow of money then limitation would extended else not  and you can not initiate proceedings for recovery of amount.

what if one sent notice to that person by speed post several times monthly but the person neither replied nor deny the loan amount.The question is whether it is deemed as implied acceptance for the revival of limitation .

Money given to friends and relatives is always a charity in the garb of loan which is given in expectation of refund but always taken with intention of non-refund.

Such loan is taken by a person:-

1. Who lacks business sense and cannot raise funds out of his own business and suddenly wants to be rich.

1. who cannot raise bank loan because :-

Either

he himself is not creditworthy

Or

 the purpose for which he seeks loan is illegal

or

the purpose for which he seeks loan is not at all commercially viable.

1.  Who knows he can afford not to refund.
2. Who trusts his thick skin
3. Who intends not to refund
4. Who has made fortification against action of refund.

So he has to find someone who can part with his money. SO he finds a lender near him (friend or relative)

Such loans are given by the persons :-

1. Who has surplus money.
2. Who displays and boasts of such surplus money.
3. Who stupidly believe that there will be a refund.
4. Fails to realise as to why he alone (not bank) is being contacted for loan.
5. Who has extreme trust on the debtor
6. who are either stupid or extremely greedy of the unusual (or illegal) rate of interest.

Such loans are always given

1. Without documentation.
2. Without witness
3. Without guarantor.
4. During cordial relations

Soon after giving such loan :-

1. Relations are no more remain cordial
2. Business started by such money  (easy money belonging to other) invariably fails.
3. Such loans always sink and not refunded.
4. Person seeking such refund suffers at legal process.
5. Person seeking such refund legally or by persualtion is socially criticised.

The admission should help you.

Act in time.

Same Query:

https://www.lawyersclubindia.com/forum/Recovery-of-money-156138.asp

Mr. Gajender has shared the prespective.

One thing that Mr.Sudhir Kumar has overlooked is that you were having Rs.12.5 lakhs in cash which you parked as a loan.  Cash transactions of such large amounts are against the law. This is not an NI-138 case. But in NI-138 cases courts have refused to entertain complaints when loans are given in cash. 

The admission of debt is in your favor.

Take help of your counsels to advise you further and help to recover.

In future be concious and alert while entering into such transacions, as suggestions made to you.

Mr. Sudhir Kumar and all members/experts have advised you from experience.

You can benefit from it.

Under the Income tax Act penalty for cash transaction above Rs.20,000/-  is an amount equal to the amount of transaction.