Legal Question in Credit and Debt Law in India
lOAN RECOVERY
I have given Rs47000/- to my friends who does realestate business at Hyderabad in Mar'09 and they promised to return Rs.75000/- in two months
They have invested in a plot and given me the original documents of the plot and DP note and told that they will sell the land in two months and give back my amount.
The have encashed my credit card and till now they have paid 24000/-.
Now they are not selling the land and not paying the amont too.
can you guide me in this regard.
4 Answers from Attorneys
Re: lOAN RECOVERY
Whetehr there is any written agreement?
Plz explain.
Regards
Advocate, Chandigarh
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Re: lOAN RECOVERY
Hello.
Good Evening.
You may issue them a legal notice to pay the debts or else file a recovery suit in the Hon'ble Court.
In case of need please contact personally alongwith the details.
Re: lOAN RECOVERY
In your words it is clear that you have given a loan by charging your credit card.You said your friends offered you Rs.75,000 on the loan amount,so I assume that the difference amount must be the interest they have to pay you in after two months period,which means the rate of interest is 30% approx.per month which is against law so you have to settle the issue outta court.
Re: lOAN RECOVERY
You may file a suit for recovery and seek an attachment order; and may also seek an interim injunction restraining them from selling the plot in question.
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