Legal Question in Credit and Debt Law in India
dear sir..I bought 4 lakhs for 5 paisa interest frm my neighbour..due to business loss iam not able to pay my interest from past 8 months..they are threatning me like anything..if they file a complaint in police what kind of action they will take...whether they will file for or not..this is civil case or criminal case..what is the solution for this..plz guide me sir
1 Answer from Attorneys
21.02.2015
Dear Sir / Madam,
Although already answered earlier, your neighbour will be interested in your returning back the principal amount. If you have incurred a loss, that's your problem. If your friend means business, he will take you to task to ensure that his / her money is returned back. In case an FIR is lodged against you in the local Police station, you will be summoned to the Police station and questioned. The Police will obtain your commitment on the date by which you will repay the entire amount to your neighbour. Should you fail to honour your commitment, your neighbour will hold the Police statement against you in the Court. If your neighbour is persisting for the money, the only solution I see is that you repay the amount to your neighbour and close the matter at the earliest.
Regards,
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