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BIJU SEBASTIAN   20 February 2025

Loaned money not returned

Hi , My father lend to a person some money back in 2018 . The agreement was he will repay the money with interest back in 2 months . But the person said he has financial difficulties and started delaying the payment. He paid some money back but still owes us around 20 lacs in principal and no interest as yet. 

He signed a promissory note back in 2018 confirming the amount and interest he will pay . Can I file a case against this person . This person is residing in US now but money was lent to him when he was in India. Please provide any legal guidance on how I can proceed

Many Thanks 



 6 Replies

Dr. J C Vashista (Advocate )     21 February 2025

The loan / promissory note is barred by limitation 

T. Kalaiselvan, Advocate (Advocate)     21 February 2025

The promissory note was executed in the year 2018.

The validity of the same is only three years from the date of its execution and not beyond it.

Therefore your father can issue a legal demand notice demanding the outstanding loan amount based on the promissory note.

If he acknowledges the loan then the limitation will start afresh from the date of his acknowledgement.

If he doesn't respond then you have bleak chances for recovery.

BIJU SEBASTIAN   21 February 2025

Thank you Sir's for your responses. So sounds like there is no other option legally . As if I issue a legal notice he is in US so may not be valid and not respond

Unless you can advise me any other way as he has cheated my aged father of his hard earned money 

Your help is much appreciated 

T. Kalaiselvan, Advocate (Advocate)     21 February 2025

There is nothing wrong in sending a legal notice to his USA address as well as to his email address and through whatsapp media too.

If he acknowledges the loan then the limitation starts afresh.

However if he is not responding then you have no option to recover the time barred loan amount.

 

BIJU SEBASTIAN   21 February 2025

Thank you Sir. Is there a possibility if we file a case to attach his property in India ?

Not sure legal notice he may respond but will give that a try with the help of a lawyer

R.K Nanda (Advocate)     21 February 2025

You can't file recovery suit against this person as your case is totally time barred. 


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