Anonymous
Asked March 28, 2017

Recovery of money

  • 1 Answer
  • 401 Views

I have lended money to my friend for his business purpose.We have signed a promisery note for the repayment of the amount within 8 months.The time passed few days before but i havent received the payment yet..

Answer 1

If you wish to take legal actions against your friend then you may send a legal notice[1] to your friend. This would serve the purpose of indicating that you are willing to take legal action against your friend if your demand for return of your money is not fulfilled. In order to prevent further legal complexities, your friend would mostly return your money after such notice.

If your friend fails to return your money even after the notice, you can file a recovery suit against the him/her. Recovery suits usually are long term proceedings and hence in order to avoid such delay you may file a summary suit under Order XXXVII of the Code of Civil Procedure, 1908[2], which allows for speedy recovery of money. However, you need to file a suit within 3 years as a limitation of three years has been laid down under the Limitation Act, 1963.

 

 

 

 

[1] Format available at: http://www.affidavitformhub.com/legal-notice-format/.

[2] Available at: http://www.lawzonline.com/bareacts/civil-procedure-code/orderXXXVII-code-of-civil-procedure.htm

Agree Comment 0 Agrees over 3 years ago

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