• Promissory note: Need help to file Suit

Hi,

I have given money 4,00,000/- to my cousin 2 years back on a Promissory note. He had two Properties (1 agricultural land, 1 house) at that time. Now He is not willing to pay back even though he sold his agricultural land. He also gifted his house to his wife. Now he saying i do not have any money and i do not pay you and Go ahead with suit. Will I get my money if go for suit. Please help
Asked 7 years ago in Civil Law

8 answers received in 1 day.

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14 Answers

You have to file a suit for recovery of money on the strength of Promissory Note. The limitation period for filing a suit is 3 years from the date of executing of documents like promissory note …or the date of money transaction. So not waste the time. If he has any immovable properties then file an attachment petition.

You can realize money from him when you get a decree by filing execution petition

Ajay N S
Advocate, Ernakulam
4080 Answers
111 Consultations

5.0 on 5.0

1) issue legal notice to cousin to repay Rs 4lakhs advanced by you

2) if he refuses file summary suit under order XXXVII of code of civil procedure code to recover your money

3) to defend the suit court will direct your cousin to deposit the money in court

4) if he does not comply with court orders you can get decree against your cousin

5) you can attach your cousin bank accounts in execution of decree

Ajay Sethi
Advocate, Mumbai
95205 Answers
7607 Consultations

5.0 on 5.0

1. File a civil suit for recovery of money.

2. Alternatively file a criminal case of cheating also.

3. In the civil suit if can not pay you back the money he would be sent to civil prison.

Devajyoti Barman
Advocate, Kolkata
22920 Answers
498 Consultations

5.0 on 5.0

1. The only remedy for you is to file a summary suit for recovery of money in the civil suit to recover your money with interest from your cousin.

2. If the civil court passes a decree in your favour you can execute it. The court can send him to jail if he does not pay the decreed amount in execution proceedings.

Ashish Davessar
Advocate, Jaipur
30763 Answers
972 Consultations

5.0 on 5.0

Hi, you have to file suit for recovery of money against that person and further as the limitation to file the suit is only three years from the date of execution of the promissory note so you have to suit with in three years.

2. You will get your money.

Pradeep Bharathipura
Advocate, Bangalore
5607 Answers
336 Consultations

4.5 on 5.0

1. Did you collect any document in connection with the loan given by you apart from the promissory note?

2. Did he keep any property under mortgage with you to secure your loan given to him?

3. You can file a Money Suit against him for recovery of the said amount lent by you with interest, damage and cost.

4. Engage a local lawyer having expertise in this field.

5. The amount is legally recoverable.

Krishna Kishore Ganguly
Advocate, Kolkata
27245 Answers
726 Consultations

5.0 on 5.0

you have right to get back your money with interest. he is trying to show that he has no property to pay back therefore loan cannot be satisfied. actually transfer of those property is invalid in eyes of law because it is transferred with a view to frustrate or defeat the creditor.

you should file a case for recovery of money on the basis of promissory note and also claim cancellation of those sale (transfer) deed under section 53 of the transfer of property act.

Shivendra Pratap Singh
Advocate, Lucknow
5127 Answers
78 Consultations

4.9 on 5.0

you can also file a criminal case under section 420 IPC for the offence of cheating because he had no intention to return the money at the time of lending.

Shivendra Pratap Singh
Advocate, Lucknow
5127 Answers
78 Consultations

4.9 on 5.0

You have to file money recovery suit against your cousin on the basis of said promissory note executed by him. You have to send notice demanding him to pay the owed amount along with interest within stipulated time mentioned in notice through an advocate. In spite of notice also if he did not turned up for repayment you can file a civil suit before civil court of law. Along with suit an Interlocutory Application under Order 38 Rule 5 CPC must be filed seeking attachment before judgement. The movable of said person as listed in petition will be attached by the court. The issue of property lying in his name or not can be looked over subsequent to filing of suit. Yes you will get your money through the court of law.

Lakshmi Kanth
Advocate, Hyderabad
446 Answers
15 Consultations

4.7 on 5.0

1. File a summary suit. Since the suit would be summary in nature the disposal will also be quick.

2. The properties can be attached only in execution proceedings, but the execution petition cannot be filed unless there is a decree in your favour.

Ashish Davessar
Advocate, Jaipur
30763 Answers
972 Consultations

5.0 on 5.0

1) you cnanot attack bank accounts of his wife and children

2) you can attach property standing in name of the borrower

Ajay Sethi
Advocate, Mumbai
95205 Answers
7607 Consultations

5.0 on 5.0

You can file a money recovery suit against him in the civil court after issuing him a legal demand notice.

If the house was transferred to his wife's name by an unregistered gift deed, then this gift deed is not valid in the eyes of law hence you can file a petition for attachment before judgment and can attach the house property for the purpose of security.

T Kalaiselvan
Advocate, Vellore
85404 Answers
2236 Consultations

5.0 on 5.0

If there are no assets in his name then nothing can be done on this, except he can be prosecuted.

If he is employed then you can atleast attach his salary for recovery of your due amount.

T Kalaiselvan
Advocate, Vellore
85404 Answers
2236 Consultations

5.0 on 5.0

1. You can not attach other's properties for the default of your friend.

2. You can attach his properties only for selling the same to recover your dues with court order.

3. If he does not have any property and can not pay his debts to you, he will be awarded jail terms as the outcome of the case when there will be no chance of getting any bail.

4. File the Money suit as advised in my earlier post.

Krishna Kishore Ganguly
Advocate, Kolkata
27245 Answers
726 Consultations

5.0 on 5.0

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