Issue legal notice to A to pay the outstanding amount

2) if he fails to pay file summary suit under order XXXVII of code of civil procedure to recover dues with interest

3) If A does not contest B would get decree within a year or so

4) if A contests court would direct A to deposit money in court . Grant conditional leave to defend

Hello,

He will have to get the promissory note encashed, as and when the same is dishonoured he may file a case under the provisions of the Negotiable Instrument Act.

It will take 6 month to 1 year for the said case to get decided.

R

Issue a legal notice through an advocate and file a recovery of money suit against him along with interest.

Person B who has lent the money while repaying the loan of Person A, can file a suit for recovery of money and seek for a Attachment before Judgement (ABJ) and pre attach the property owned by Person A. This way his money is protected till the passing of the Judgement and decree.

Sir send a legal notice to the said person A to pay the amount given to him under the promissory note in condition he fails on notice yo pay the amount file a recovery suit in the civil court for recovery of the amount from the said person.

Do you have any proof that the amount has been paid by you to the bank. Is it by cheque/DD or cash? Do you have possession of original documents of agricultural land of A with you? What is the amount paid? From where you got that amouont? These are some important questions to be required for proving your case provided it is within limitation.

The option available with you is to file suit for recovery after giving him legal notice. However, in case you would have taken cheque from A instead of promissory note, you would have efficacious remedy under section 138 NI act. Avail the opportunity you have. Good luck.

Your query reveals that an debt with secured creditor was paid by you and promissory note was given to you for repayment.

Therefore there exist an admitted debt.

1. If promissory note is negotiable instrument or cheque then you can resort criminal action u/s 138 of NI Act.

2. You can take civil remedy by instituting a summary suit against your debtor.

Above mentioned ways are effective and less time taking..

In my considered opinion it may 1-2 year.

A "promissory note" is an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument.

You can 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.

First send a lawyer nnotice and then file a suit ..

First see if B is authorized lender then file a FIR and a recovery suit before the Civil Court if not then what is the language of promissory note, I don't know,file a case of Specific Performance on the ground that verbally it was agreed that if the money has to be paid then A will transfer the land to B in his name, let he may deny don't take your version back before the court.

1. The person B can file  a Mortgage Suit or a Recovery Suit praying for an order for recovering the debt by selling mortgaged property.

2.  Had B taken a letter from A stating that he has deposited the original title deed  of the property for creating mortgage on it in favour of B to secure the loan A has taken from B, the case woyld have been full proof.

If ther borrower is refusing to repay the loan amount, then the lender can file a money recovcery suit against him on the basis of the promissory note .

The suit may run for two to three years.