Recover money given on good faith
Rama Kanth
(Querist) 07 May 2012
This query is : Resolved
Hi All,
I had taken 25 Lacs Amount as Personnal Loans and given it to my cousin brother on Good Faith for his busines under oral agreement that he will pay the EMI's.
My Cousin Brother has given money to me for few EMI's and after one and half year he started facing financial problems and stopped giving me the money.
On repeated requests my cousin kept me at dumb ears and not paying any amount to me.Now he is saying what is proof that i gave him money .
I understand that he backstabbed me and he is trying to escape out of me by quarelling with me.
can i lodge any court case in this case to recover my money as i dont have any proof but the gave the money to him on Good Faith?
Thanks
Rama Kanth
R.K Nanda
(Expert) 07 May 2012
You can file money recovery suit in civil court but limitation period for it is 3 years from the date of giving the loan.
Rama Kanth
(Querist) 07 May 2012
Thanks Sir, I have given the money in 2007 as the loan period was for 5 years and he paid till 2010 and there after stopped giving me money.
I have to close the remaining EMI's paying Pre Closure personally in Mid of 2010.
He promissed orally all these days to me he will give entire money once he recovers from his financial burdens but two months back he showed his back and started arguing what is the proof you have given me money and threatning me if i dont stop asking him for money.
Can i still file the case if not what would be the alternative . Kindly Advice me.
Thanks
Rama Kanth
Sudhir Kumar, Advocate
(Expert) 07 May 2012
Financial crisis is bound to be there if the money has been borrowed from cousine or uncle.
I feel that limitation will be from the date of last payment of EMI as he had till that date acknowledged his liability.
By the way do you hve proof of loan and EMI?
Rama Kanth
(Querist) 07 May 2012
Yes Sir I have all the Loans Letters and EMI's Paid . Also now i have pre-closed the Loans in 2010 by taking funds from my parents and rest paid by me from my source of income from Job.
All the loans are on my name but i withdraw the cash and given it to him so there is no documentary evidence that i had given him money except good faith.
By your replies I am seeing some confidence building to fight for such a rude people in the world.
Once again thanks for your advice.
Rama Kanth
(Querist) 07 May 2012
One more thing sir he paid to me in cash sometimes directly deposited amount in my bank thru his aides for the EMI's and the EMI's went thru my bank account. so here again there is no was i can prove docuementarily that he acknowledged for the liable.
Thanks
Rama Kanth
Shonee Kapoor
(Expert) 08 May 2012
Then the limitation starts from the date of default.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Shonee Kapoor
(Expert) 08 May 2012
However, first try to get it by social pressure.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
V R SHROFF
(Expert) 08 May 2012
Agrere with Shri Shonee Sir, first try to get it by social pressure.
At least obtain Promissory Note & PDC thru Social/ friends & relative pressure.
He will be exposed to society, and may give you reqd Doc that can help you recover money later. & increases your Period of Limitation.
