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mohan_m   18 December 2015

Friendly loan

Respected Sir/ Madam,

I have lended friendly loan to one of my friend amounting to 20L. For which he has provided undated cheque for 20L. He had also agreed to pay monthly nominal interest till he owes the amount. I do not have any additional documents supporting the same. Now he is refusing to repay the loan. 

The only supporting artifacts I have are the NEFTdetails of bank tranfer of amount from my bank to his bank account and the Whatsapp chat details.

 

I plan to produce the cheque to the bank. If the cheque bounces, then can I sue him in court with the above supporting artifacts? What would be my chances of amount recovery?

 

Thanks,

Mohan



Learning

 16 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     18 December 2015

Inform to him in writing a letter and get acknowledge from him properly that you are going to deposit the cheque. After deposited the cheque, if it is returned, obtain return memo from the bankers alongwith bounced cheque and arrange to send a legal notice through a lawyer immediately

Adv. Yogen Kakade (+ 91 9225510883)     18 December 2015

Hi,

If he comes to know that you are depositing the cheque, hi might stop payment of the cheque.. still you can take a legal action against you..

But before he taking a step of filing a complaint aginst you for a lost or stolen cheque.. send him a legal notice for his liability to pay the amount.

The Neft transaction details can be a important evidence in your case.

Deposit the cheque and if it gets dishonored.. then go ahead with the legal procedure.

Adv. Yogen Kakade

Jurycon Incorporation

Advocates & Consultants
Email: juryconincorporation@gmail.com
Web: www.juryconn.in 

SAINATH DEVALLA (LEGAL CONSULTANT)     19 December 2015

Though Neft transaction is a valid evidence of giving him money by way of transfer,U have also to prove the source of that money and the purpose

Rohan Pradhan (Legal Officer)     19 December 2015

Pl. be informed that every steps in litigation u/s 138 has time limits. Contact a local lawyer before proceeding.

PRAVIN RAMCHANDRA SHINDE   19 December 2015

Dear sir, above same case with me, I have bank statements of lend money also I have acknowledgement of lend money send by friend through register AD for requesting for do not deposit cheques which his gave me for security purposes. My question is its valid prove of evidence, if He written on plain blank paper with his signed. 2. Why he mentioned a security cheques, he written all content in the cheques date, name of holder, amount & his signature.

mohan_m   19 December 2015

Thank you all for the replies.

I can prove the source of the income, as most part of it is from my salary.

I would like to know, what are the artifacts/ documents that the court expects in order to prove one has lent moeny? 

Security Cheque? Bond Paper? Collateral? etc etc Which of these(are any other) would be a more valid artifact as per law? 

Regards,

Mohan

SAINATH DEVALLA (LEGAL CONSULTANT)     19 December 2015

Mr Shinde U should post UR query in a separate thread,but as of now  UR query does not hold legal status.

SAINATH DEVALLA (LEGAL CONSULTANT)     19 December 2015

Dear Mohan,

U have mentioned the amount lent as 20L and U R saying the source of income is from salary,if that question is raised by the opp lawyer U will have tp prove it.

mohan_m   20 December 2015

Sure sir, I would be able to prove it. 80% of the 20L is from the salary over a couple of years and I have the required proofs like IT returns, bank statements etc. Remianing 20% is from my other investments. 

It would be helpful if you can mention which artifacts/ documents the court finds most helpful in proving a money lending case? Would like to be aware of this, so as to not fall prey going forward. 

SAINATH DEVALLA (LEGAL CONSULTANT)     20 December 2015

When it from UR salary,U must have given him periodically and not as a lumpsum?

mohan_m   22 December 2015

Sir,

It is what I had accumulated over a period of 2 years in the bank. Hence, it was a lumpsum payment.

Thanks,

Mohan

SAINATH DEVALLA (LEGAL CONSULTANT)     23 December 2015

Ok then deposit the cheque for realisaton,once it gets dishonoured send him a statutory legal notice.Engage a competent local lawyer and along with the bank statements file a case under NI ACT.

mohan_m   23 December 2015

Thanks sir and thank you all for the guidance. 

T. Kalaiselvan, Advocate (Advocate)     26 December 2015

First of all issue him a legal demand notice and once he is not complying to the demands made, you may plan to sue him both under cheque bounce case and through money recovery suit.  The cheque bounce case may or may not fetch you the amount lent to him hence as a safety precaution, you may file a money recovery suit too. 


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