Dear Sirs,
I have given loan to my friend amount of Rs 20 lacs in four installment as he wanted to develop his business from 3 years ago. Till date he hasn't repaid the loan including interest amount @ 12% per annum. I paid him through my bank account to his wife bank account. He has given me surity of signed written stamp paper agreement and three blank cheques. Since he has defaulted for non settlement of loan, shall i go ahead and sui him through court. He now promise me that he will dispose his property and will repay the loan. however his all properties also under loan and document are with Bank ( lender). Kindly advise me the way forward.
Regards
V.Manoharan
