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...!!!

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Anik

Responded 2 years ago

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A.hello
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
If you find this advice helpful please rate.

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Ayantika Mondal @ Prime Legal

Responded 2 years ago

A.Hello
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

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Abhimanyu Shandilya

Responded 2 years ago

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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

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Vaidehi Samant

Responded 2 years ago

A.You may send legal notice but it is highly doubtful that he will return money by receiving legal notice, probably you might have to file money recovery suit which may be time consuming and you will require to bear litigation cost also towards the same so it depends on the amount you have provided to the borrower if it is worth to go legal way or else try to keep it amicable and have negotiations, also you have not stated whether there is any written agreement towards borrowing of money by him because in the Court of law you will have to prove such debt which he's liable to pay. Thank you. Please provide review if you have found this answer helpful and give ***** as appreciation.

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Advocate Sinjari Bandyopadhyaya

Responded 2 years ago

A.Until and unless you will serve demand Notice upon that Borrower seeking due payment thereof within stipulated time period (in conformity with that Promissory Note),the borrower will try to take advantage of non service of the Notice of Demand upon him and in default Money Suit is required to be filed.

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Madhulika Bhatnagar

Responded 2 years ago

A.You can send him a legal notice for payment of the money. If he fails to repay, you can file a summary suit under CPC for recovery of money.

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Pardeep Kumar Dhiman Dhiman

Responded 2 years ago

A.Aapko legal notice bhejna chahiye. Uske baad paisa nhi milta tab aap ko court me recovery suit file karna chahiye.

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Viswanath M K

Responded 2 years ago

A.You can file a summary suit. In such a suit, the opposite party will just have ten days to submit his leave to defend and the whole case will get over very soon.

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