Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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Manoharan Varadarajan   11 September 2021

Loan to my friend

Dear Sirs,

 

I have given loan to my friend amount of Rs 20 lacs in four installment as he wanted to develop his business from 3 years ago. Till date he hasn't repaid the loan including interest amount @ 12% per annum. I paid him through my bank account to his wife bank account. He has given me surity of signed written stamp paper agreement and three blank cheques. Since he has defaulted for non settlement of loan, shall i go ahead and sui him through court. He now promise me that he will dispose his property and will repay the loan. however his all properties also under loan and document are with Bank ( lender). Kindly advise me the way forward.

 

Regards

V.Manoharan



Learning

 2 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     11 September 2021

By sending a legal notice for recovery of money, you give a formal warning to the person who owes you money to repay, or else a legal process will take place. Legal notice for recovery of money is a formal intimation between two people warning the other before legal action is initiated to get their due payment.

Manoharan Varadarajan   11 September 2021

Hi Sir, Thanks for your swift response. Can i send legal notice through lawyer. please confirm. ususally legal notice comes from court.

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