Legal Question in Banking Law in India
I have lent some money to my friend, he is not repaying it. as the amount is huge i want to make sure a proper documentation is done for the transaction. so please guide me in documentation so that if he refuses to pay it back i should be able to proceed against him.
Asked on 6/03/13, 9:51 pm
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
Get a promissory Note executed by your friend for the amount lent to him. If he refuses, you have to file a suit and prove that you have lent him the money by oral and or documentary evidence like cheque etc.,
Answered on 6/04/13, 9:06 pm
Fca Prashant Chavan
Expert Edge LLP
06.06.2013
Dear Sir / Madam,
The documentation ought to have been done prior to lending the amount to your friend. You run the risk of your friend refusing to sign any papers now, in which case you should report the matter to the Police.
Regards,
Answered on 6/06/13, 6:03 am
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