Madurai | 05 Jan, 2023 (2 months, 2 weeks ago)

Criminal Law

Failure to repay sum borrowed

I will briefly summarise the events for your understanding. I initially lent a sum of Rs 7,00,000/- in year 2020 to a known accomplice for a promised return of principal and monthly interest documented on a stamp paper, however the agreement is not registered with the notary. During the initial months the promised interest was credited without any default. Thus, on subsequent verbal requests, I transferred another 7 lakhs in parts without any legal agreement but the transactions are reflected in my bank statements. Soon afterwards, he started to default on his monthly instalments that was promised to me in accordance with the terms of our agreement. Meanwhile, on a personal visit to his hometown, I came to know that he has borrowed large sums of money from several other friends and NBFCs and defaulted with them too. Clarification are sought on the following: 1. The legal process I should initiate to recover my funds even partially? 2. Is there any legal means to compensate for my loss via seizing his assets? 3. The precautionary measures I must take to safeguard myself in an event of him taking any drastic steps?
05 Jan, 2023 | 17:01

Yes you may sent him Legal Notice for recovery as a first recourse, thereafter Suit for Recovery & Stay order from court upon his any property known to you which he might sale.

You may reach out at, for further discussions.

Akshay Lal
Consulting Partner
Taarkik Legal Advocates & Consultant


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