Legal Question in Credit and Debt Law in India
Sir,
I have given some amount of rupees to my friend were he was in need of money. firstly i have given 400000 rupees in 2011 and 500000 in 2013 for which he gave me a promissory note for both the amounts in 2013. He paid me some amount of interest for the 400000 and after that for a long time he is not giving me any interest or the total amount. On asking, he threatened me to hit and abused me with bad language.
How far the promissory note is valid and how much amount is limit on one note. he only signed the note on the stamp and didnot put any date on that, can i be legally proceed on him. I want my actual money back without any issues.
Kindly please help me to sort of this situation as iam mentally getting disturbed with this issue
what are the other suggestions you experts give to me.
thanking you
1 Answer from Attorneys
06.03.2015
Dear Sir / Madam,
Although I've already answered this query earlier, I'll reply to it again. A signed Promissory Note irrespective of the Value Amount (no upper limit) is legally valid in the Court of Law, First decide whether you wish to continue with the Principal amount ahead, and you only want your friend to service the loaned amount in terms of paying and settling you the entire accumulated interest amount till date; or else whether you wish to get your Principal amount Rs. 9,00,000/- repaid back to you by your friend with accumulated interest as agreed by a certain date. Accordingly, formerly put this in writing, and ask your friend to acknowledge receipt thereof, and should your friend have any concerns or reasons for withholding settlement, ask your friend to reply to your request accordingly in writing. Take a call further on your friend's reply, and in case your friend simply chooses to ignore all your efforts, lodge a Police complaint in the nearest Police Station, requesting their intervention and action to quickly resolve and settle the issue. Re-post query in case there is Police inaction, within 3 days of your lodging the Police complaint.
Regards,
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