What is the procedure to Loan recovery through promissory Note
2 years ago
So many times we asked the money from borrower.... He was saying he will give that day, this day like that.... But he was not giving any money....
is it sending a legal notice is better..?? or
Waiting patiently without fighting with him is a better choice...??
Because his behavior is very rude & too much manipulative way.... But whenever we are asking him... He was just saying he will give the money in few days...!!!
If you have some document which proves that you have given lend some money to him or you have a promissory note then you could file a civil suit against him under the Negotiable Instrument Act. Promissory note has been defined under section 4 of the Negotiable Instrument Act. But you Could only file the civil suit once the limitation period is over. After that your steps would be
1. Verification of Limitation period of Promissory note
2. Sending Notice
3. File a suit in Civil Court
4. Paying Court Fee
5. After Filing of the suit
Thanks
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
If you have a promissory note then you can file a suit against the borrower in order to get back money lended. You could file the suit under the Netgotiable Instrument Act. Waiting patiently without fighting with him would not be a better choice.
Thanks
A.If there is a promissory note then the best possible way to recover your money is to file a summary suit under Order 37 of CPC
Vaidehi Samant
Responded 2 years ago
Advocate Sinjari Bandyopadhyaya
Responded 2 years ago
Madhulika Bhatnagar
Responded 2 years ago
Pardeep Kumar Dhiman Dhiman
Responded 2 years ago
Viswanath M K
Responded 2 years ago