I have given 25 lakh to a company
1 year ago
Sir, I have given 25 lakh to a company on a good will basis to a company that without interest on Oct 2022 ( I thought of building relation with him for future business considering the current business of him).
As of now he only paid partial amount but he failed his commitment date each time to pay the balance and each time he failed to honour. He is attending my calls on daily basis without fail but he keep on asking extension of time to pay the balance.
I don’t have any agreement written but only have bank transfer details.
Can I ask him to execute promissory note which have some evidence in future for taking legal action if still not paying the amount.
A.Yes, you can ask the company to execute a promissory note which would serve as evidence of the debt owed to you in case legal action becomes necessary in the future. A promissory note is a legal document that sets out the terms and conditions of a loan or debt, including the amount borrowed, the interest rate, and the repayment schedule.
You can approach the company and request that they sign a promissory note which outlines the details of the loan and the repayment schedule. It is advisable to have the promissory note drafted by a lawyer to ensure that it is legally enforceable.
If the company is unwilling to sign a promissory note or fails to repay the outstanding amount as agreed, you may need to seek legal recourse. In such a case, you can file a civil suit for recovery of the amount owed to you. The bank transfer details can be used as evidence of the loan, and any communications between you and the company can also be used as evidence in court.
It is recommended that you consult with a lawyer to discuss your options and determine the best course of action in your particular situation.
Thank You
You can approach the company and request that they sign a promissory note which outlines the details of the loan and the repayment schedule. It is advisable to have the promissory note drafted by a lawyer to ensure that it is legally enforceable.
If the company is unwilling to sign a promissory note or fails to repay the outstanding amount as agreed, you may need to seek legal recourse. In such a case, you can file a civil suit for recovery of the amount owed to you. The bank transfer details can be used as evidence of the loan, and any communications between you and the company can also be used as evidence in court.
It is recommended that you consult with a lawyer to discuss your options and determine the best course of action in your particular situation.
Thank You
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