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Q.Hand loan agreement validity in police station/court
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Q. Hand loan agreement validity in police station/court

I alongwith three of my friends had lended money to another friend amounting to 4,00,000 INR in total last year in the month of October and November 2017. He has been giving numerous excuses from then on when it comes to returning the money back to us. We waited, however, nothing came to fruition till now. In month of March 2018, we decided to make a hand load agreement, an affidavit, which stated, alongwith the details of the money he owes us individually, that the borrower would return the money by 1st April 2018. The borrower and we signed the agreement. The borrower hasn't paid a fraction of the amount yet and we don't have the idea how to proceed with it. Some people say that the affidavit isn't gonna work in the court/police station and that a notary would have been valid. Therefore, I need to know from you if the affidavit signed by us will hold valid in the police station/court. What do we do if the police or court doesn't accept it?
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A. dear client You have to file a money recovery suit against him, However, it will require court fee to be paid by you.

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Deepak Bade

Experience: 9 Year(s)

Responded 1 month ago

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A. You have to file a money recovery suit against him, However, it will require court fee to be paid by you.

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A. You have not stated have you followed the procedure of Non-Judicial Stamp paper and signed by two witness and getting the Signed agreement duly executed by rotary & Register in the registrator office. It is better to consult a Lawyer to prepare all the legal requirements before filing in the concerned court immediately.

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Ambrose Leo

Experience: 9 Year(s)

Responded 1 year ago

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A. you can prepare a promissory note and after the period stated in the promissory note is over you can file a civil suit.

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SUMSON .T.S

Experience: 14 Year(s)

Responded 1 year ago

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A. file a money suit against him or take a promissory Note from him.

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