Is hand loan agreement has expiry date? If it expired then how to collect lent money?

3 years ago

I gave ₹ 4.5 lakh money to a friend on 1st august 2019 wih a promise of returning money in month or before (31, august, 2019). We executed a ₹20 stamp hand loan agreement on 1st august, 2019 mentioning 31st ,august, 2019 is a dead line date with one witness signature in a notary centre. He did nt return money or not even renew or not giving any new agreement. Now he said agreement is already expired. So, do whatever u do. Now, what shall i do? Can i file a criminal case in police station or can i file a civil in court? How many days it takes(average) in court to get money from him? Whats the best way to solve this?

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Sarthak Nayar

Responded 3 years ago

A.You should file an FIR against him under section 420,406 IPC. There is no expiry of an agreement as the money has not been returned and the agreement is valid. If an FIR is registered against him then he will be arrested and that will put pressure upon him to settle the matter. Yes you can file civil case for recovery of money also against him but filing of FIR will be less expensive and quick result.

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Satheeskumar V

Responded 3 years ago

A.The matter is of civil nature. you can file a civil suit for recovery of money. You have time period of three years for recovery of money. so you can file a civil suit for the recovery of money before the concerned court.

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Suneel Moudgil

Responded 3 years ago

A.1. you can serve him a legal notice through a lawyer to make payment of the outstanding amount along with the interest,
2. if payment is not made despite service of the legal notice, you can file a civil suit for the recovery of the amount,
3. chat, call records, WhatsApp record, stamp agreement, if relevant, can prove your case and are admissible as an evidence
4. the stamp is valid and the recovery case can be filed within three years

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NITHYANANDAN SUNDARESAN

Responded 3 years ago

A.Dear Client, You can legally win this battle easily. 1. Give him a legal notice to person who bought money and to witness 2. Give a police civil compliant near your police station 3. Collect all evidence with you 4. File a money recovery suit in civil Jurisdiction with pecuniary limits.

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Rameshwar Dadhe

Responded 3 years ago

A.If you have all concerned evidence then . You will need to file money recovery suit against them immediately

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Kishan Dutt Kalaskar

Responded 3 years ago

View All Answers

A.Dear Sir
It has 3year limitation within which you have to file a suit.
Please give me RANK FIVE (5) if my answer satisfies you.

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Tishaa Maheshwari

Responded 3 years ago

A.Hello.
Yes a suit can be filed on the basis of a promissory note. The promissory note is valid for 3 yrs after its execution, that means you are still eligible to seek relief. You can file as a regular suit or a suit Under Order XXXVII CPC which is a summary procedure, in the Civil Court. The promissory note should be supported by a receipt as one has to prove the passing of consideration of the value mentioned in the promissory note by you to the Promisor.

I personally feel that a regular civil suit for recovery of money is better. Though it may take a longer time for passing of the decree , the same affords better opportunities to the parties to put in their defenses and appraisal of the evidence by the court for passing the decree. In case the defendant fails to put in an appearance as per the summons he shall be proceeded against exparte and exparte evidence can be tendered at one go and decree obtained in a short while.
Hope this helps.

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