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sanjeev (12)     25 September 2014

Can i get my money which i lended based on agreement

I am from TN and I gave rupees 3,00,000 to one guy for a period of 3 yrs. We also wrote an agreement with 20 rupees stamp paper for 3 yrs and in the agreement it is wrote as 3% interest for each month will be given on 1st date of each month and will settle the full money to me within the end of 3yrs. But the problem is he did not pay me any interest for almost 10 moths now.When I asked him about it he is telling this is not a valid agreement as the interest rate allowed by Indian government is 2% for a month and if I ask more than that it is invalid. Now he is not even paying 1 rupee as interest and says he will not also pay 3,00,000 as it is not valid. More over he signed in only second paper where the sign of borrower is needed. I contacted a lawyer he said his sign is also needed in the first page as it is the stamp paper. Now can I take this case to civil court and can I get my money back atleast. First of all is it a valid agreement as I didnt get any of his documents or material for the 3,00,000 I gave him except that agreement. Please any lawyers clear my doubt



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 6 Replies

adv.raghavan (Advocate,9444674980)     25 September 2014

If there is any cheque issued in this regard, u can initiate criminal proceedings, if u have paid him through cheque, the same can be used for civil and  criminal proceedings. Whether the agreement is valid or not is a matter of dispute which the court has to decide. So initiate proceedings at the earliest and try to defend the same in the court with the help of senior counsel. 

sanjeev (12)     25 September 2014

No there is no check involved here. I withdrawn 3,00,000 from my bank A/C and the next day I gave him and signed agreement. There were 2 witnesses who also signed in the agreement. More over this guy signed for a surity  in a finance company for one of the witness. That witness is with me and he will tell the truth in court. Will this do

adv.raghavan (Advocate,9444674980)     25 September 2014

with the available records,initiate the legal proceedings immediately. No one can deny his borrowings and he cannot getaway  easily on technicalities.

RamaKrishna (none)     13 November 2014

My uncle borrowed an amount of Rs.1,50,000/- from me on May 2013. The only proof that I have are my Bank account statements that indicate myself transferring this amount to my uncles bank account.

It's been more than an year and a half now, despite I asked my uncle to repay my money at various instances he hasn't repaid it back.

He sent me an SMS to my mobile saying that he shall pay it as early as possible, he was saying the same over phone when ever I called him in the past, now a days he is not even picking my phone calls.

My Grandmother from my mother's side who is also the mother of my uncle who borrowed the above said money from me is the witness of this transaction and she agreed to come to any court of law for me to help me get my money back from my uncle.

I live in Visakhapatnam, Andhra Pradesh and my Uncle who borrowed the money from me lives in Erode, Tamilnadu. My grandmother who is the witness lives in visakhapatnam too.


I wish to know few details:


1) Is this case eligible enough to be taken to the court of Law? I ask this because there is no proof other than the bank statements indicating the transaction. Does court consider the Online Netbanking transaction (NEFT)?

2) For filing the case, can I approach the Court of Law in Visakhapatnam (andhra pradesh) where I live or should I have to approach the Court of Law in Erode (tamilnadu) where my uncle lives. Matter of fact I live in Visakhapatnam and I transferred the amount to my uncle who lives in Erode, Tamilnadu via an Online / Netbanking NEFT transaction method, none the less the transaction took place in visakhapatnam. The address mentioned on my bank account statement is my house address at visakhapatnam.

3) My uncle owns a plot of land in Visakhapatnam, but his house where he currently resides is in Erode Tamilnadu. Can I attach his Property at Visakhapatnam worth about Rs.6,00,000/- at the time of filing my case. If I do so wouldn't he be able to sell his property at visakhapatnam until my case is solved in the court?

4) Do I have to engage a Lawyer for this case or can I represent my case myself in the court.
 

adv.raghavan (Advocate,9444674980)     14 November 2014

1,With the available records you can initiate civil proceedings against the debtor.

2,I advice Vizag.

3,After initiating civil suit you can ask for attachment of the same.

4,It is better and safe also.

adv.raghavan (Advocate,9444674980)     14 November 2014

4,It is better to engage lawyer, it will be safe also.


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