Money Recovery from MY Friend
9 months ago
I have given 10Lakhs to My Ex-colleague Via NEFT .This I have given to him to buy House as A Friendship Help.
Infact I have given by Taking PL in one of the bank ,My Friend Promised that He will pay EMI On Time.
EMI Approx 25K Per month 4 year Tenure.Infact he paid only 2 year EMI and the remaining Pending.
Now I am only Paying EMI From My Savings,Whenever I have asked EMI Money He wont respond(neither via calls nor via chat) for a month.
Then later he will say like he will pay after 1 month ,But he wont pay.like this He is keep Draging.
I have given this Money when I have worked with him chennai and Now he was moved to karnataka and changed the company.
He is An Employee working in one of the company in HYD,he is drawing the salary of 1.3 lakhs per Month.
Infact I have given 20K in Dec 2021 as well as he was Requested me that he need it on Urgent Basis.
By considering this facts I am planning to Put Summary suit.
1)BY Quoating NEFT Transaction statement and whatsapp chat history.
2)Since he was an Employee in One of the company,I am planning to quote his Company name and I would like draw attention that He is getting Salary ,But he was not ready to pay me, Though I don’t have his Payslip and Employee ID.
but I am 100%sure that he was in working in that company.So still can I do this?…
3)Though I have given the money in 2019 ,Though Already 3 years Limitiation Period is over.
But Still I have given 20K in Dec 2021 and 10 k March 2021,and the last payment he made me of 50K in April 2023.
By Considering this Facts can i consider my Limitiation Period Renewed?
4)When I have given in 2019 He was in chennai Now moved to AP.Incase if I file Summary Suit where I need to file Chennai or AP?
5)Let say with the Ill Motive if he defended like this NEFT Transaction is LOAN Repayment,which he was given by Cash by Earlier.Will his Arguments have some Effects.
6)what would be Fees which I have to pay (approx for court and Lawyer),The reason for this Question.Still He has to pay dues of 5.2 Lakhs..To recover this money do I need spend more money in the courts?
7)Finally with the proof whatever I have ,is this Case can Sustain in the court or it would be Dismissed.
Please provide your Expert Opinions to Recover the Money.
From the contents of your query, it appears that for lack of evidence to prove that the transaction of money between you and your friend is made as a loan by taking a personal loan from a Bank for the said purpose on the basis of NEFT records or WhatsApp chat that does not corroborate your claim, recovery of outstanding loan from your friend is almost appears to be impossible even through litigation. So when you availed the loan in your name from the Bank, you are liable to repay the same alone. Understanding all these lacunes in the deal, your friend is now out of your reach. So, find out other alternatives to negotiate and resolve the matter amicably out of Court, if possible.
If you have lent money to a friend and they have not repaid the amount as agreed, you may be able to recover the money through legal means in India. Here are the general steps you can follow:
Send a demand letter: You can start by sending a demand letter to your friend asking them to repay the money they owe you. The letter should clearly state the amount owed, the terms of repayment, and a deadline for repayment.
File a civil suit: If your friend does not respond to the demand letter or refuses to repay the money owed, you can file a civil suit against them in a court of law under the provisions of the Indian Contract Act. You will need to provide evidence of the loan, such as bank statements, receipts, or written agreements, to support your claim. The Act provides for the following remedies in case of a breach of contract:
- Specific performance: This remedy requires the party in breach to perform their obligations as per the terms of the agreement.
- Damages: This remedy allows the aggrieved party to claim monetary compensation for the losses suffered as a result of the breach of contract.?
Attend court hearings: Once you have filed the civil suit, you will need to attend court hearings as scheduled and present your case to the court. Your friend will also have an opportunity to present their case and respond to your allegations.
Obtain a judgment: If the court rules in your favour, you will be issued a judgment against your friend, which will require them to repay the money owed to you. If your friend fails to comply with the court order, you may be able to take further legal action to enforce the judgment, such as seizing their assets or garnishing their wages.
It is important to note that legal proceedings can be time-consuming and expensive, and it may be worth exploring other options for resolving the issue, such as mediation or negotiation, before pursuing legal action.
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