How can I recover my money legally?
I have a friend who is a share market investor. He borrowed 6 lakh from me and provided a postdated cheque instead of repayment. He promised to pay me 10 percent of 6 lakh, which is 60,000 per month. He made a few payments initially, but now he has stopped paying and is not answering my calls. What should I do in this situation? What are the chances that I will receive my money back? How should I proceed with this case?
In this situation, check if there is any written agreement regarding the loan and the repayment terms. If you have a postdated cheque, this can serve as evidence of the loan and the repayment promise. Send a formal demand notice to your friend. This notice should state the amount owed, the repayment terms, and a request for immediate payment. This creates a record of your attempts to recover the loan. If the cheque is postdated but has now matured, you can try to deposit it in your bank. If it bounces due to insufficient funds, you can file a case under Section 138 of the Negotiable Instruments Act, 1881, for cheque dishonor. If your friend continues to avoid repayment, you may need to consult a lawyer to file a civil suit for recovery of the loan amount.
Sir, if your friend is not receiving the call then you should consider sending a legal notice with the help of an expert lawyer who will assist you to file a civil suit for money recovery. For further legal assistance contact us on our helpline number.
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