• 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 5 years ago in Civil Law

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22 Answers

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
18078 Answers
377 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, Lucknow
9600 Answers
303 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
94733 Answers
7539 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
22636 Answers
31 Consultations

4.4 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
2283 Answers
3 Consultations

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
18078 Answers
377 Consultations

5.0 on 5.0

All will use in evidence to prove your claim.

Yogendra Singh Rajawat
Advocate, Jaipur
22636 Answers
31 Consultations

4.4 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
94733 Answers
7539 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
2283 Answers
3 Consultations

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, Lucknow
9600 Answers
303 Consultations

5.0 on 5.0

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

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 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
19299 Answers
32 Consultations

4.7 on 5.0

you can file suit for recovery in civil court

Prashant Nayak
Advocate, Mumbai
31954 Answers
179 Consultations

4.1 on 5.0

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

 

Suneel Moudgil
Advocate, Panipat
2381 Answers
6 Consultations

4.8 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
25514 Answers
179 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
25514 Answers
179 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, Bangalore
6136 Answers
487 Consultations

4.8 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
84934 Answers
2197 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
84934 Answers
2197 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
5474 Answers
13 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, Bengaluru
4952 Answers
27 Consultations

4.8 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
30763 Answers
972 Consultations

5.0 on 5.0

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