Photo: Monstera

What if someone is not giving you money?

If the lender is able to prove that the debtor had committed criminal breach of trust and had not returned his money, he hecan file a suit under Section 420 and Section 406 of IPC for cheating and criminal breach and if the court finds the debtor guilty, the person will be imprisoned and will even have to repay the ...

vakilsearch.com - What to Do When Someone Has Not Returned Your Money? - Vakilsearch

What are the 10 rules of money?

Money Rules To Know by Heart Spend Less Than You Make. ... Learn from Mistakes. ... Pay Your Bills On Time. ... Make a Plan for your Money. ......

Last updated Nov 11, 2019

Why do people Sprinkle cinnamon in the garden?

Cinnamon prevents damping-off disease Dust cinnamon on the soil surface when the seeds are planted to prevent damping-off disease from killing your...

Last updated Sep 11, 2019

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

Yuktha Dec 1, 2022 1,066 3 mins

In case of default in the repayment of money, a lender can approach the court and file a civil suit for recovery of money or a criminal suit for fraud/ breach of the agreement. While settling an appeal, the Supreme Court of India has observed that a cheque bounce complaint (under section 138 of the Negotiable Instruments Act) cannot be quashed if disputed facts are involved.

Introduction

Generally speaking people lend money because they are confident the borrower will repay it in a timely manner. However, it is best practice for a lender to only lend money after signing the promissory note or a loan agreement which consists of the terms and conditions of the loan. The lender must even issue a letter outlining the loan date, the precise amount borrowed, and the repayment terms to ensure that the borrower pays back the money in full. Nevertheless it may become crucial for the lender to give frequent, polite reminders concerning loan repayment. Moreover, the person who received money for repayment may even have to be given a specific repayment plan. If none of the lender’s repayment calls are successful, a lender should not hesitate to consult a Vakilsearch lawyer and launch a lawsuit against the debtor. Keep reading to learn more about the different legal avenues available to lenders who are struggling to get their money back.

Civil Suit

A lender can file a civil suit for recovering the money owed through promissory note or loan agreement. He can do so under Order 37 of CPC which allows the lender to file a summary suit. Drafting the summary lawsuit is the initial step in this process, after which the borrower should be served with the summons. Along with the copy and summons, the court requires certain documents to be produced before it. The defendant will be required to appear in court within 10 days of the lawsuit being filed. If the debtor doesn’t show up, the lender must show the court the summons that was previously sent, and then the judge may compel him to send another summons. If the defendant has a defense, he may raise it in court; if not, the judge will take the lender’s claim as genuine and award the judgment accordingly in his favor. The creditor can also lodge a complaint under the Negotiable Instrument (NI) Act as well. The Act can only be used to file a suit against parties who have not returned money lent through instruments such as cheques, exchange bills, etc. If the borrower returned the money to the lender by cheque and it was later discovered that the check had bounced, the lender may launch a lawsuit under Section 138 of the NI Act. In this case, the repayment period outlined is 30 days. If the money is still not repaid, the lender will bring a criminal complaint against the debtor. If the court deems him guilty, he may have to serve a two-year prison sentence and be required to repay the full amount of the cheque in addition to whatever fines and penalties are levied.

How much do you earn with 10k views?

The actual rates an advertiser pays varies, usually between $0.10 to $0.30 per view, but averages out at $0.18 per view. On Average, the YouTube...

Last updated May 1, 2022

Which zodiac is a flirt?

Although Geminis are frequently criticised for their flirty behaviour, they frequently engage in innocent flirtation. They are the zodiac sign that...

Last updated Aug 12, 2021

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

Criminal Suit

Out of Court Settlement

The lender has the option of choosing an out-of-court settlement through Lok Adalat, arbitration, or conciliation to recover the money owed. This is one of the least expensive and fastest ways to recover. Both parties must be willing to and present themselves at the hearing in order to reach an out-of-court settlement. The parties are typically heard by the arbitrators before the decision is made. Once the award has been announced, there is usually no room for appeal.

Steps involved in Drafting a Legal Notice

Sending a legal notice is one of the foremost and most crucial moves towards money recovery in India. A legal notice is usually issued by a lawyer to solicit settlement on behalf of his client. The following must be included in a legal notice: The legal notice should be drawn up in the letterhead of a lawyer and must include the lawyer’s addresses and contact information The legal notice must include the date of its issuance, including the name, address and contact information of the individual to whom the legal notice is issued to

The lender’s name and other details must be shared as well

In the notice, it should be clear how the lender’s right was breached by the other party’s actions The notice might include any such act or omission. The relief sought must also be mentioned, along with a time limit to provide the same Most importantly, the lawyer and the sender must sign and date the notice.

vakilsearch.com - What to Do When Someone Has Not Returned Your Money? - Vakilsearch

What does Matthew 7 9 11 mean?

He never errs and never makes mistakes as do even the best of earthly fathers. That is the real meaning of the phrase "how much more." God knows...

Last updated Apr 4, 2021

What is the lucky side of a coin?

In many places, the decision on whether to pick up a coin depends on which side is facing up. If the coin is heads up (obverse for collectors), the...

Last updated Nov 28, 2022

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

How can I drop 15 pounds in 2 weeks?

Cut Your Daily Caloric Intake. Eat More Protein. Sleep More. Avoid Drinking Your Calories. Reduce Your Alcohol Consumption. Drink More Water....

Last updated Jan 20, 2021

Promotion

What is prosperity and abundance?

Abundance is a universal principle and it is present everywhere; it is the energy of unformed substance (cause), of more than enough of whatever...

Last updated Oct 17, 2021