Payments agreement
Querist :
Anonymous
(Querist) 02 September 2011
This query is : Resolved
dear experts,
one of my friend A gave Rs.1,50,000 to B, with 2% interest made out unregistered agreement, B tell at the time of i will refund with in one year, but B is not obey the as per agreement, its almost 2 years over, till to date B not refund, A have only agreement,
now what are the step will take to B, as per agreement date is expire, if any valid is there to recover the money, kindly advice us.
Sailesh Kumar Shah
(Expert) 02 September 2011
send him legal notice to repay along with interest, if he does not repay. File civil suit.
prabhakar singh
(Expert) 02 September 2011
3 years from the date of loan or from the due date of repayment as the agreement be,a notice of demand together with interest, if not stipulated in the agreement calling upon to pay within a week or 15 days should be served,in case limitation is running off fast suit of realization can be directly filled even without notice which is being advised to fill the lacuna of interest clause/or just as formality.
But was it a cash loan or cheque was given as loan and was this amount accounted for in books of account????
ajay sethi
(Expert) 02 September 2011
you should immediatedly issue legal notice . i presume payment has been made by cheque . as advised by mr prabhakar singh file suit immediatedly
Raj Kumar Makkad
(Expert) 02 September 2011
Serve a legal notice demanding the debt with interest within a stipulated time failing which file a civil suit for recovery.
