Hand loan recovery
Querist :
Anonymous
(Querist) 18 July 2024
This query is : Resolved
I had given a loan to my friend via bank transfer, the amount is more than 75 lakhs, he is unable to return the loan. and he is also not registering the property worth 75lakhs, can I file a recovery suit and attach the property. I had given him the loan in December 2021. If I claim my money how much interest can I claim, what is the percentage of interest is allowed in the court, please advise.
T. Kalaiselvan, Advocate
(Expert) 18 July 2024
You should file the money recovery suit immediately i.e., within three years from the date of loan otherwise it will be barred by limitation.
First issue a legal demand notice and you can charge 24% per annum for the loan amount, if he fails to respond, you can file a suit for recovery of money and also file a petition seeing attachment before judgment for the property on his name towards security for the loan amount
kavksatyanarayana
(Expert) 18 July 2024
File recovery suit in court within the time. The interest may be demanded up to 18% to 24% and include attachment of property.
Querist :
Anonymous
(Querist) 19 July 2024
Thank you, Advocate Kalaiselvan, for your advice, appreciate the clarity given by you and the solution. I will do the needful as advised.
Thank you, Advocate Satyanaryana for the advise.
P. Venu
(Expert) 22 July 2024
What do you mean by "..........he is also not registering the property worth 75lakhs ........"? Was the money given on the agreement to sell you the property?
Querist :
Anonymous
(Querist) 22 July 2024
Advocate P.Venu - Yes, the money was given on the agreement, but the agreement was made on a stamp paper, but it was not registered, however the payment was made by RTGS
