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Q.lent money to a friend that isn't returned yet

Q. lent money to a friend that isn't returned yet

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Shankar G

posted 8 months ago

Hi Sir,
This is Shankar and I lent a total of 26Lakhs to a friend when he was in a crisis with a promise that he would return that to me in few days. however, past few months, he has been making promises but not returning it. I have undated cheques for 25L and a promissory note for 10Lakhs. He still says he will return the money but I am slowly losing confidence. Need your advise how to proceed here to recover my loan that was given on trust.
Also, if they ask for more time, what other documents/guarantees/surities I should ask them to further safeguard my interests?
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A. If he is not bankrupt and if you have paid the amount through your account, then you can recover. contact some advocate and take guidance, carefully execute it.

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Prabhakara S K Shetty

Experience: 19 Year(s)

Responded 8 months ago

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A. Your is serious issue better to consult a professional Lawyer to guide & help you quickly in protecting your financial interest.

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Ambrose Leo

Experience: 9 Year(s)

Responded 8 months ago

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A. Better go for recovery. Get cheque presented. If bounced start initiate proceedings.

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 8 months ago

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A. Mr. Shankar,
You have made a smart move by having an undated cheque and a promissory note. They will prove to be strong evidence in case you have to go legal way against your friend to recover your money. Additionally you should try and get one loan agreement execute by you and your friend.
You see you have lent a huge amount to him and you must ensure that it is protected from all risks.

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Abhimanyu Shandilya

Experience: 14 Year(s)

Responded 8 months ago

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