Recovering Lent Money - Promissory Notes Available
Hello Sir, around 18 months back, one of my relative was in dire need and approached me for help. Seeing his condition, I borrowed money from my friends and lent the same to him where in he agreed to pay the same interest that I was supposed to pay to my lenders (24% pa). He stopped paying interest six months back saying that he was not able to pay and will give it out as a lump sum. He gave so many extensions saying that he is disposing off a property and he'll pay me then. And yesterday he sold off the property and got money. When I asked him to repay the principle and interest, he bluntly says I will not. He has executed promissory notes to the effect and he says you do what ever you want, no court of law is above me. He broke my trust and belief that we should help people when they are in need. I wanted to mercilessly thrash him black and blue but he was my relative. Now I want to teach him a proper lesson not to cheat anybody in future and also recover my money as its not mine and I have my friends to pay. And this I want to achieve through the Court of Law. Request your kind guidance on recovering the debt, cost and damage from him through any speedy process available in our Legal system (Order 37 of CPC and any other provisions). Please advise. Thank You.