How to collect the amount?
BAALASUBRAMANNYAMM
(Querist) 18 March 2011
This query is : Resolved
Respected Experts,
Plz. give ur suggession.
In the year 2005, I have given hand loan of Rs.1 Lakh to my friend by way of chque. Due to faith on him, I was not taken any document from him for acknowledgement of the said payment. Even after my several requests,finally he refused to pay back my amount.So now what I have to do legally.
Devajyoti Barman
(Expert) 18 March 2011
If you have paid him by drawing a cheque then you have a written proof to show the payment. Now you can file civil suit for recovery of money, insolvency suit or even criminal case depending upon your choice.
R.Ramachandran
(Expert) 18 March 2011
But, since the amount was paid in the year 2005, and more than 3 years has elapsed, suit for recovery of money will be hit by limitation.
Guest
(Expert) 18 March 2011
yes the time for the recovery suit is only 3 years.
Jitendar Kumar gupta
(Expert) 18 March 2011
yes you can recover the amount but you have to twist the facts of the case. If you wants more information/ advice please call at 9868529732
Devajyoti Barman
(Expert) 18 March 2011
If during the last 3 years the payee has acknowledged the debt then the suit for recovery of money would lie.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 19 March 2011
Guptaji is advising twisting of facts well sir it is now only difficult but will invite counter action.
Surrender K Singal
(Expert) 19 March 2011
Any transaction / correspondence from the borrower could be helpful in extending the limitation !
malipeddi jaggarao
(Expert) 20 March 2011
Is there any written communication from your side demanding the repayment and his reply acknowledging the debt? If it is there, the limitation period starts from that date and runs for 3 years for taking legal action. Even a time barred debt can also be acknowledged. Initially you try to get the acknowledgement even for this time barred debt then you can proceed further if necessary.
J K Agrawal
(Expert) 21 March 2011
Dear sir
If you say that you lent money - forget it as it is time barred. law helps vigilant only.
If you say that you deposited money - it is payable within three years of first demand because no cause of action arises until he deny to pay.
If you say that you have given him money in a trust - no problem limitation is 30 Years.
and so on...
BAALASUBRAMANNYAMM
(Querist) 23 March 2011
Respected Experts, Thanks to all for giving your valuable opinions.
