Money lent to a friend
8 months ago
I gave money to a friend to invest in his business. He promised an investment certificate and eventually returns. He is now not giving the certificate and is refusing to return the money. What can I do to get my money back?
A.Dear client,
If you have lent money to a friend and they have not repaid the amount as agreed, you may be able to recover the money through legal means in India. Here are the general steps you can follow:
Send a demand letter: You can start by sending a demand letter to your friend asking them to repay the money they owe you. The letter should clearly state the amount owed, the terms of repayment, and a deadline for repayment.
File a civil suit: If your friend does not respond to the demand letter or refuses to repay the money owed, you can file a civil suit against them in a court of law under the provisions of the Indian Contract Act. You will need to provide evidence of the loan, such as bank statements, receipts, or written agreements, to support your claim. The Act provides for the following remedies in case of a breach of contract:
- Specific performance: This remedy requires the party in breach to perform their obligations as per the terms of the agreement.
- Damages: This remedy allows the aggrieved party to claim monetary compensation for the losses suffered as a result of the breach of contract.?
Attend court hearings: Once you have filed the civil suit, you will need to attend court hearings as scheduled and present your case to the court. Your friend will also have an opportunity to present their case and respond to your allegations.
Obtain a judgment: If the court rules in your favour, you will be issued a judgment against your friend, which will require them to repay the money owed to you. If your friend fails to comply with the court order, you may be able to take further legal action to enforce the judgment, such as seizing their assets or garnishing their wages.
If you have lent money to a friend and they have not repaid the amount as agreed, you may be able to recover the money through legal means in India. Here are the general steps you can follow:
Send a demand letter: You can start by sending a demand letter to your friend asking them to repay the money they owe you. The letter should clearly state the amount owed, the terms of repayment, and a deadline for repayment.
File a civil suit: If your friend does not respond to the demand letter or refuses to repay the money owed, you can file a civil suit against them in a court of law under the provisions of the Indian Contract Act. You will need to provide evidence of the loan, such as bank statements, receipts, or written agreements, to support your claim. The Act provides for the following remedies in case of a breach of contract:
- Specific performance: This remedy requires the party in breach to perform their obligations as per the terms of the agreement.
- Damages: This remedy allows the aggrieved party to claim monetary compensation for the losses suffered as a result of the breach of contract.?
Attend court hearings: Once you have filed the civil suit, you will need to attend court hearings as scheduled and present your case to the court. Your friend will also have an opportunity to present their case and respond to your allegations.
Obtain a judgment: If the court rules in your favour, you will be issued a judgment against your friend, which will require them to repay the money owed to you. If your friend fails to comply with the court order, you may be able to take further legal action to enforce the judgment, such as seizing their assets or garnishing their wages.
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