• Recover amount loaned to a friend

Hello,
I have some amount loaned to a friend in Mar 2015. He had assured to return the amount with interest by Mar 2017 but hasn't returned it yet. I have transferred the amount through NEFT to his account. I didn't get him to sign any legal document for this loan and the online transfer is the only proof.
Is there anyway I can recover this amount plus interest through the court of law?

Pls advise
Asked 1 month ago in Civil Law from Bengaluru, Karnataka

Hello,

 

send a legal notice to him for recovery and if he does not respond to the same then a civil suit for recovery will have to be filed by you.

 

regards

Anilesh Tewari
Advocate, New Delhi
15496 Answers
228 Consultations

5.0 on 5.0

Yes, you surely have a legal remedy to recover the dues that yo extended to your friend.

As a first measure, send him a legal notice in this matter.

In case he fails to comply with you legal notice, file a summary suit for recovery under order 37 CPC>

Vibhanshu Srivastava
Advocate, New Delhi
8222 Answers
118 Consultations

5.0 on 5.0

there is no agreement to pay interest . no loan agreement signed by your friend 

 

2) your claim is barred by limitation 

Ajay Sethi
Advocate, Mumbai
61317 Answers
3721 Consultations

5.0 on 5.0

You have to file recovery suit, NEFT valid proof. Don`t show money given on interest but just mere lending. Court will order recovery of amount with interest. Send legal notice first.

Yogendra Singh Rajawat
Advocate, Jaipur
9806 Answers
8 Consultations

4.6 on 5.0

Very difficult but you can try before the Civil Court by filing a recovery suit but I think wastage of money.

Koshal Kumar Vatsa
Advocate, Gurgaon
1331 Answers
1 Consultation

5.0 on 5.0

Yes these conversations can be produced as evidence.

send a Legal Notice to him at the earliest.

 

regards

Anilesh Tewari
Advocate, New Delhi
15496 Answers
228 Consultations

5.0 on 5.0

All will use in evidence to prove your claim.

Yogendra Singh Rajawat
Advocate, Jaipur
9806 Answers
8 Consultations

4.6 on 5.0

obtain in writing from your friend that x amount was given as loan to him and he agreed to repay said amount with interest 

 

audio recordings are admissible in evidence 

Ajay Sethi
Advocate, Mumbai
61317 Answers
3721 Consultations

5.0 on 5.0

Of course take a chance but as there is no documentary proof , may the court not help.

Koshal Kumar Vatsa
Advocate, Gurgaon
1331 Answers
1 Consultation

5.0 on 5.0

Send your friend a legal notice immediately.

The above could be done through kaanoon.com as well.  

Vibhanshu Srivastava
Advocate, New Delhi
8222 Answers
118 Consultations

5.0 on 5.0

you can file recovery suit against your friend on the basis of bank transfer

Mohammed Mujeeb
Advocate, Hyderabad
7067 Answers
3 Consultations

4.5 on 5.0

If you have given him money and you have the statement of bank, you can easily file a case of recovery in the civil Court. 

Mohammed Mujeeb
Advocate, Hyderabad
7067 Answers
3 Consultations

4.5 on 5.0

you can file suit for recovery in civil court

Prashant Nayak
Advocate, Mumbai
8305 Answers
11 Consultations

4.8 on 5.0

you can claim the amount by filing a civil suit for recovery

 

Suneel Moudgil
Advocate, Panipat
649 Answers
1 Consultation

4.3 on 5.0

You can send a legal notice to the person seeking your amount back in case on notice he fails file a suit to recover the amount back in the civil court.

Shubham Jhajharia
Advocate, Ahmedabad
15317 Answers
63 Consultations

5.0 on 5.0

Since you are not legal license holder of money lender you can't seek interest. 

 

Shubham Jhajharia
Advocate, Ahmedabad
15317 Answers
63 Consultations

5.0 on 5.0

Dear Sir,

Immediately you have to get issue a legal notice or directly file a suit for recovery of amount which is evidenced by NEFT payments. Nothing to worry though there would be delay but you will get amount with interest.

Kishan Dutt Kalaskar
Advocate, Bengaluru www.kishanretiredjudge.com
3970 Answers
92 Consultations

5.0 on 5.0

Since this amount was lent  by you in the year 2015, it  is more than three years now, hence barred by limitation.

You may not be able to recover the loan amount through law.

 

T Kalaiselvan
Advocate, Vellore
51442 Answers
612 Consultations

5.0 on 5.0

Since the loan is barred by limitation, if you want to bring it back to life then you may first issue a legal notice to him demanding the return of loan amount with interest. 

Let him commit to return the same which can  be treated as an acknowledgment  after which you can file a money recovery suit

T Kalaiselvan
Advocate, Vellore
51442 Answers
612 Consultations

5.0 on 5.0

  1. A person who has given some money to another person being a relative or known or friend, cannot ask for the interest over the amount as he is not the authorised financial institution to give money in interest.
  2. He can only demand for money, but if the same is recovered from the court of law by way of the suit for recovery then interest would be there at the rate of 18 percent per annum.
  3. You just have to look for the limitation period in your case as two years have already been gone, but the fact that you kept for asking in between may save your money.

Sanjay Baniwal
Advocate, South Delhi
3999 Answers
7 Consultations

5.0 on 5.0

Dear Sir,

If you have any proof of transfer of money that you made or your friend made then you can keep those papers as evidence and file for a recovery suit in the court once you have sent him a legal notice and a reasonable amount of time to pay the pending amount.

Netravathi Kalaskar
Advocate, Bangalore
2447 Answers
6 Consultations

5.0 on 5.0

1. When did he last agree to return the amount?

2. A suit for recovery of money has to be filed within 3 years from the date on which it falls due for repayment, else it becomes time barred. 

3. If he has made a fresh acknowledgment of debt within past 3 years then you can still file the suit.

Ashish Davessar
Advocate, Jaipur
25875 Answers
742 Consultations

5.0 on 5.0

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