Legal Question in Credit and Debt Law in India

Money lending/defaulting

I had lent money to an acquainted individual seven years ago which I have not yet been able to secure back till this year 2009 despite repeated requests. The borrower is not in a denial mode but expresses his inability. At this juncture of time I suspect his credibility and intent. I would like to know if I can get this person to enter into a secured bond or a legal agreement to safeguard my interest or is there any other legal opinion you might provide.


Asked on 1/22/09, 2:00 am

2 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Money lending/defaulting

You are thinking correctly. An agreement/bond/Pronote coupled with PDC (s) may help you.

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Answered on 1/22/09, 8:05 am
Venkatesh Babu, E. V & M Associates

Re: Money lending/defaulting

Sir,

I wish to state that, you have lost the limitation of filing the Civil Suit. But, if you want to file a Criminal Complaint then you may do so for the intension of Cheating. Further, it is advisable to obtain Demand Promissory Note with some post dated cheques to secure your interest.

E.VENKATESH BABU

ADVOCATE, CHENNAI

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Answered on 1/28/09, 4:04 am


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