Recovery money
pushpakrishna
(Querist) 16 March 2014
This query is : Resolved
Dear experts,
one of close relative doing business in lakhs.due to relation i given amount total Rs. 5 lakhs and my daughter's money rs.5 lakhs when ever he is in need of the amount. at last one year back he executed mentioning rs.5 lakhs on his business letter head stating 'I have taken amount Rs.5 laks'on 22-06-2013. actually he promised to pay the interest @12%P.A. interest not mentioned on the letter head.now he wants to evade the amount. when i consulted an advocate he he advised me it is not possible to get the amount from the court on the basing letter head.My relative is having properties.kindly advice me in this regard how to collect the amount from my relative as the amount is meant for my daughter's marriage through the Court as all the remedies out side court exhausted.thank you experts in advance.
Devajyoti Barman
(Expert) 16 March 2014
You are wrongly advised. The letter is a valid proof and on its basis you can establish case for recovery of money. File a money suit fast.
ajay sethi
(Expert) 16 March 2014
i hope you advanced sum of rs 5 lakhs by cheque . the debtor has addressed letter to you wherein he has admitted receipt of rs 5 lakhs . based such admission issue legal notice to the debtor . file summary suit for recovery of Rs 5 lakhs together with interest at such rate as court deems fir from date of filing of suit till payment
Rajendra K Goyal
(Expert) 17 March 2014
Letter head writing covers the definition of promissory note is doubtful. However, it acknowledgement of money received.
You may file suit for recovery as the person has sufficient property as mentioned by you.
Biswanath Roy
(Expert) 17 March 2014
100% possible for recovery of money. you might have paid loan by cheque and collected money receipt from the borrower which is sufficient to prove the facts of payment of loan. You can file a summery suit for recovery.
T. Kalaiselvan, Advocate
(Expert) 18 March 2014
I agree with the experts' opinion on the query, recovery of money through a civil suit is possible, contact a local lawyer and move ahead.
pushpakrishna
(Querist) 20 March 2014
dear Experts,
First of all i thank you all of you for quick and valuable response.
please note that entire money was given in cash only for which he given an acknowledgement on his letter head for the amount but not mentioned interest @12% P.A but promised to pay on oral.
than q experts for your valuable advices in advance
ajay sethi
(Expert) 20 March 2014
thanks for your appreciation. you cant recover 12%interest on the principal amount as no agreement to pay interest arrived at
Biswanath Roy
(Expert) 20 March 2014
Interest can be charged by the person who has license for charging interest Besides there is an act namely INTEREST ACT . For charging interest provisions of this act shall apply. Ordinarily and as you have no money lending license you can charge simple Bank interest only.
pushpakrishna
(Querist) 21 March 2014
THANK YOU VERY MUCH TO YOU ALL DEAR EXPERTS
