cash given to friend for business
1 year ago
I given money as a friendly loan and duration of this is 36 months from 2018. But now person who take money is not returning my money. in 3 months they give me 500 rupees after multiples follow ups. I have legal agreements with him and its recorded under Mumbai court. Please advised me. waiting for your reply. let me know if you need any more information. Thank you!
A.Dear client,
You can recover through the following means:
1. Civil suit - The first step is drafting the summary suit and then it should be summoned to the person who borrowed money. The court requires certain documents to be produced before them along with the copy and summons. Once the suit is filed, the defendant will be asked to appear before the court within 10 days.
2. Criminal suit - The lender has to prove that the person had committed criminal breach of trust and had not returned the money. So he can file a suit under Section 420 of IPC as the person whom he had to lend the money has cheated him and also under Section 406 of IPC for Criminal Breach and if the court finds guilty, the person will be imprisoned and has top repay the money he borrowed. In general, for the cases filed under this section, the court takes a long time.
3. A legal notice
Steps involved in Drafting a Legal Notice
- The legal notice should be drawn up in a specific and proper letterhead of a lawyer.
- It will include the lawyer’s addresses and contact information.
- The legal notice along with the date of its issuance is issued to the other party. Also, it includes the name, address and contact information of the individual to whom the legal notice is issued.
- Since the client sends the money recovery legal notice, their name and other details must be shared as well.
- In the notice, it should be clear how your right was breached by the other party’s actions. The actions might include any act or omission. You must also mention what you want from it for this matter. A certain path and a time limit must be given to the other group.
- The lawyer and the sender must sign the notice (with date).
You can recover through the following means:
1. Civil suit - The first step is drafting the summary suit and then it should be summoned to the person who borrowed money. The court requires certain documents to be produced before them along with the copy and summons. Once the suit is filed, the defendant will be asked to appear before the court within 10 days.
2. Criminal suit - The lender has to prove that the person had committed criminal breach of trust and had not returned the money. So he can file a suit under Section 420 of IPC as the person whom he had to lend the money has cheated him and also under Section 406 of IPC for Criminal Breach and if the court finds guilty, the person will be imprisoned and has top repay the money he borrowed. In general, for the cases filed under this section, the court takes a long time.
3. A legal notice
Steps involved in Drafting a Legal Notice
- The legal notice should be drawn up in a specific and proper letterhead of a lawyer.
- It will include the lawyer’s addresses and contact information.
- The legal notice along with the date of its issuance is issued to the other party. Also, it includes the name, address and contact information of the individual to whom the legal notice is issued.
- Since the client sends the money recovery legal notice, their name and other details must be shared as well.
- In the notice, it should be clear how your right was breached by the other party’s actions. The actions might include any act or omission. You must also mention what you want from it for this matter. A certain path and a time limit must be given to the other group.
- The lawyer and the sender must sign the notice (with date).
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