Sharks of Law
Adv Shifa
Adv Shifa. | 9 months ago | 506 Views

How To Recover Your Loaned Money ?

In situations caused due to default in the repayment of money, a lender could approach the court and file a civil suit for recovery of money or a criminal suit for fraud or  breach of the said agreement.

In general cases, a person will lend money as he or she is confident the borrower will repay it in a timely manner. However, it is best practice for a lender to only lend money after signing the promissory note or a loan agreement which consists of the terms and conditions of the loan. The lender must even issue a letter outlining the loan date, the precise amount borrowed, and the repayment terms to ensure that the borrower pays back the money in full. 

If none of the lender’s repayment calls are successful, he must not hesitate to consult an experienced lawyer and launch a lawsuit against the debtor.

Legal Procedures When Someone Not Returned Your Money:

  • Civil Suit
  • The lender can file a civil suit for recovering the money owed through promissory note or loan agreement. He can do so under Order 37 of CPC which allows the lender to file a summary suit.
  • Drafting the summary lawsuit will be the initial step in this process, after which the borrower should be served with the summons. Along with the copy and summons, the court requires certain documents to be produced before it. 
  • The defendant would have to appear in court within 10 days from the date the lawsuit has been filed. In case the debtor doesn’t show up, the lender would have to show the court the summons which were previously sent, after which the judge may compel him to send another summons. 
  • In case the defendant has a defence, he would have raised it in the court; if not, the judge would accept the claim of the lender as genuine and shall award judgement accordingly in his favour.
  • The creditor may lodge a complaint under Negotiable Instrument (NI) Act also. The Act could only be used to file a suit against parties who did not return the money which was  lent through instruments including the cheques, exchange bills, etc.
  • In case the borrower has returned the money to the lender by a cheque, which was  discovered to have had bounced, the lender can launch a lawsuit, as has been provided  under Section 138 of the NI Act. 
  • In this case, the repayment period has been outlined in 30 days. In case the money still has not been repaid, the lender would bring a criminal complaint against the debtor. 
  • In case, the court deems the respondent as guilty, he will have to serve a two-year prison sentence and shall be required to repay the full amount of the cheque, as well as the  fines and penalties which shall be levied on him by the Court.
  • Criminal Suit

If the lender is able to prove that the debtor had committed criminal breach of trust and had not returned his money, he can file a suit under Section 420 and Section 406 of IPC for cheating and criminal breach and if the court finds the debtor guilty, the person will be imprisoned and will even have to repay the money he borrowed.

  • Out of Court Settlement

The lender has the option of choosing an out-of-court settlement through Lok Adalat, arbitration, or conciliation to recover the money owed. This is one of the least expensive and fastest ways to recover. Both parties must be willing to and present themselves at the hearing in order to reach an out-of-court settlement. The parties are typically heard by the arbitrators before the decision is made. Once the award has been announced, there is usually no room for appeal.

Steps involved in Drafting a Legal Notice

Sending a legal notice is one of the foremost and most crucial moves towards money recovery in India. A legal notice is usually issued by a lawyer to solicit settlement on behalf of his client. The following must be included in a legal notice:

  • The legal notice should be drawn up in the letterhead of a lawyer and must include the lawyer’s addresses and contact information
  • The legal notice must include the date of its issuance, including the name, address and contact information of the individual to whom the legal notice is issued to
  • The lender’s name and other details must be shared as well
  • In the notice, it should be clear how the lender’s right was breached by the other party’s actions
  • The notice might include any such act or omission. The relief sought must also be mentioned, along with a time limit to provide the same
  • Most importantly, the lawyer and the sender must sign and date the notice.

Conclusion-

As could be deduced from the above discussion, the entire procedure from the drafting of legal notice to the petition filed in the court, to the final judgement by the court, each step of the process would require professional guidance as well as assistance. Thus, it is advised to seek legal assistance from an experienced advocate if you wish to talk to a lawyer or free legal advice online, you may contact us.

Email:-helpdesk@sharksoflaw.com

Help Desk:-+91-88770-01993

Other Articles You May Enjoy

The Epic Saga of The Ayodhya Verdict: Pran Pratishtha to Be Held Today!

Super admin • 22/01/2024

What is arbitration and its types?

Super admin • 31/01/2024

Key Principles Adopted By The Court In The Ram Janmabhoomi Case

Super admin • 01/02/2024

What Do You Mean By Legal Drafting?

Super admin • 02/02/2024

The rise of virtual mediation: How online platforms are reshaping divorce proceedings

Super admin • 03/02/2024

Madhya Pradesh: Woman Files for Divorce after Husband Took Her to Ayodhya Instead Of Goa for Honeymoon

Super admin • 04/02/2024

Expert Insights from Local Divorce Lawyers and the Rise of Online Divorce Services

Super admin • 05/02/2024

What Is The Procedure Of Mutation?

Super admin • 06/02/2024

What are the basic methods of legal drafting?

Super admin • 07/02/2024

Interim Maintenance To Wife If No Adherence To Decree Of Restitution Of Conjugal Rights

Super admin • 09/02/2024

What Is The Punishment In Cheque Bounce Case?

Super admin • 11/02/2024

Woman Seeks Divorce Over Mother-In-Law Using Makeup

Super admin • 12/02/2024

Key Legal Aspects Concerning Farmer’s Protest 2.0

Super admin • 13/02/2024

Supreme Court Confuses Tinder With Kindle

Super admin • 14/02/2024

Kisan Andolan 2.0- Reasons, Demand And Strategy For Protests After 2 Years?

Super admin • 15/02/2024

Halting Of Paytm Payment Bank By Rbi

Super admin • 16/02/2024

In Which Countries Abortion Is Legal?

Super admin • 16/02/2024

ELECTORAL BOND SCHEME: BANNED

Super admin • 17/02/2024

What are the three agricultural laws that farmers are protesting against

Super admin • 17/02/2024

Electoral Bonds Scheme Declared Unconstitutional By The Sc

Super admin • 19/02/2024

Difference between charge sheet and FIR

Super admin • 19/02/2024

Supreme Court Strikes Down Controversial Electoral Bond Scheme

Super admin • 20/02/2024

Citing The Unborn’s Right To Life, High Court Recalls Its Order Of Terminating A 29 Weeks Pregnancy

Super admin • 21/02/2024

Rs 800 Crores approve for Expansion of Supreme Court Complex: Prime Minister Narendra Modi

Super admin • 23/02/2024

What are the principles of drafting?

Super admin • 24/02/2024

Pregnancy Among Women Prisoners Within Jail: Ban Of Male Staff Members

Super admin • 27/02/2024

Top Law Firm In Delhi: Sharks Of Law

Super admin • 27/02/2024

Medical Negligence: Awarding of Compensation for Unsuccessful Eye Surgery

Super admin • 28/02/2024

ED Starts Investigating Paytm Bank Over Foreign Exchange Violations

Super admin • 28/02/2024

Registration Of Live-In Relationship

Super admin • 29/02/2024

How Do You Draft A Legal Document?

Super admin • 29/02/2024

Ayush Wellness Center Opens At Supreme Court Premises

Super admin • 01/03/2024

Promote the wellness of Judges: Ayush Wellness Centres

Super admin • 02/03/2024

Ayush Hwc Inaugurated By The Cji In Supreme Court Premises

Adv Tanvi Malik • 03/03/2024

From Goa Beach Expectations To Ayodhya Realities: Mp Woman Moves The Court By Filing Divorce Case

Adv Tanvi Malik • 03/03/2024

What Is The Punishment For A Cybercrime Complaint?

Adv Tanvi Malik • 05/03/2024

What Is The Illegal Termination Of Employees?

Adv Tanvi Malik • 05/03/2024

Gang Rapes- Common Trends In India ?

Adv Tanvi Malik • 06/03/2024

What Is A Chargesheet?

Adv Arjun Sharma • 06/03/2024

Spanish Tourist Gang-Raped In Dumka Jharkhand

Adv Tanvi Malik • 07/03/2024

Demolition Of A 600-Year-Old Mosque- Delhi High Court Asks DDA If Any Prior Notice Was Given

Adv Shifa • 08/03/2024

Warning Against Digital House Arrest

Adv Aditya • 09/03/2024

No Government Jobs For Family With More Than Two Children

Adv Tanvi Malik • 09/03/2024

Electoral Bonds Case: SBI Demands Extension From Supreme Court

Adv Tanvi Malik • 12/03/2024

CJI Chandrachud Fears Bail Becoming The Exception

Adv Shifa • 12/03/2024

CAA Before Elections By Modi Govt

Adv Tanvi Malik • 13/03/2024

What Is Workmen's Compensation Insurance?

Adv Shubham Jindal • 14/03/2024

Dolma Aunty Momos: A Flavorful Victory In The Trademark Arena!

Adv Tanvi Malik • 17/03/2024

Legal Insights: Dashrath Sahu v. State Of Chhattisgarh - Recent Supreme Court Ruling

Adv Shubham Jindal • 17/03/2024

Termination V Resignation

Adv Tanvi Malik • 18/03/2024

किसान आंदोलन 2.0 - 2 साल बाद विरोध प्रदर्शन का कारण, मांग और रणनीति?

Adv Arjun Sharma • 18/03/2024

Official Notification For CAA Issued After 4 Years !!

Adv Shifa • 19/03/2024

हरियाणा सरकार किसानों के प्रदर्शन के तरीके से आपत्ति जताते हुए हाई कोर्ट पहुंची।

Adv Tanvi Malik • 20/03/2024

Benefits Of Workmen Compensation Policy

Adv Arjun Sharma • 21/03/2024

Is Anticipatory Bail Possible In 498A Cases ?

Adv Ankit Kansal • 24/03/2024

Top Divorce Lawyers In Delhi

Adv Shifa • 27/03/2024

SC Upholds Two-Child Policy For Government Jobs In Rajasthan

Adv Arjun Sharma • 28/03/2024

Supreme Court To Hear SBI Application For Extension Of Time In Electoral Bond Matter

Adv kanchan kumari • 29/03/2024

Female Lawyer In Delhi

Adv Tanvi Malik • 31/03/2024

Best Criminal Lawyer In Delhi NCR

Adv Arjun Sharma • 31/03/2024

Famous Lawyers In Delhi

Adv Tanvi Malik • 01/04/2024

Top 10 Lawyers In Delhi High Court

Adv Shubham Jindal • 01/04/2024

Best Lawyers In Delhi For Divorce

Adv Shubham Pahuja • 02/04/2024

Best Criminal Lawyers In The Supreme Court

Adv Rahul Pandey • 03/04/2024

Best Criminal Lawyers In Delhi High Court

Adv Samman Singh • 04/04/2024

KATCHATHEEVU Island- Controversy Behind It ?

Adv Anshul Jain • 05/04/2024

Lawyers Role In The Development Of Startup

Adv Tanvi Malik • 08/04/2024

AAP Candidate New Mayor Of Chandigarh, SC Decides

Adv Shifa • 08/04/2024

Registration of CAA: Documents required

Adv Aditya • 08/04/2024

Types Of Motor Insurance In India

Adv Shubham Pahuja • 09/04/2024

In Maintenance Cases Courts May Make Small Guess Work When Concluding Income Of Husband From Unorganised Sector.

Adv Rahul Pandey • 10/04/2024

Labour Court Lawyers In Delhi

Adv Samman Singh • 11/04/2024

Immigration Lawyers In Delhi

Adv kanchan kumari • 12/04/2024

Army Nurse Terminated For Marriage, Awarded 60 Lakhs As Damages

Adv Shubham Jindal • 15/04/2024

Dolma Aunty Momos Claims Trademark Victory

Adv Ankit Kansal • 16/04/2024

GST Lawyers In Delhi

Adv Arjun Sharma • 18/04/2024

Controversial “ANTI-HINDU” Temple Tax Bill Finally Defeated In The Karnataka Legislative Council

Adv Samman Singh • 18/04/2024

What Does Motor Vehicle Accident Insurance Cover?

Adv Anshul Jain • 19/04/2024

What Is The Purpose Of The Motor Vehicle Insurance Act?

Adv kanchan kumari • 19/04/2024

At Home Lawyer Consultation Near Me

Adv Kanishk Garg • 20/04/2024

ED Lawyers In Delhi

Adv Tanvi Malik • 22/04/2024

Corporate Lawyers In Delhi

Adv Shubham Jindal • 22/04/2024

Civil Court’s Ruling Binding On Criminal Court For Certain Limited Purpose Only-SC

Adv Rahul Pandey • 24/04/2024

Legal Consultation At My Doorstep: Can Advocate Visit My Home?

Adv Samman Singh • 25/04/2024

Financial Position Of The Employer To Be Considered When Deciding Wage Structure Of The Employees- SC

Adv Shubham Jindal • 29/04/2024

TAX Lawyers In Delhi

Adv Shubham Pahuja • 30/04/2024

Best Insurance Law Firm In India

Adv Rahul Pandey • 01/05/2024

How Long Is Anticipatory Bail Valid?

Adv Kanishk Garg • 01/05/2024

Can A Lawyer Visit My Place To Provide Me Legal Advice ?

Adv Anshul Jain • 03/05/2024

How Is Compensation Calculated In Motor Accident Claims?

Adv Shifa • 03/05/2024

How To Complain Online About Cybercrimes ?

Adv Tanvi Malik • 04/05/2024

Domestic Violence Lawyers In Delhi

Adv Tanvi Malik • 06/05/2024

Insolvency Lawyers In Delhi

Adv Ankit Kansal • 07/05/2024

Mutual Divorce Lawyer In Delhi

Adv Rahul Pandey • 08/05/2024

Trademark Lawyers In Delhi

Adv Kanishk Garg • 08/05/2024

Supreme Court Directs To Act Responsibly Against Misleading Advertisements

Adv Anshul Jain • 10/05/2024

Role Of Lawyer In An Insurance Company?

Adv Shifa • 10/05/2024

Difference Between Lease And A Rent Agreement ?

Adv Shubham Jindal • 13/05/2024

Delhi Police Lawyer : Their Role And Importance

Adv Rahul Pandey • 15/05/2024

Documentation Lawyers In Delhi

Adv Arjun Sharma • 16/05/2024

Custody Rights Of Maternal Grandmother Of A Muslim Girl Child

Adv Anshul Jain • 17/05/2024

Best Family Lawyers In Delhi

Adv Shifa • 18/05/2024

Divorce Lawyers In Rohini Court Delhi

Adv Tanvi Malik • 18/05/2024

Supreme Court Directed Equal Responsibility Of Advertisers And Endorsers In Misleading ADS.

Adv Shubham Jindal • 20/05/2024

Arbitration Lawyers In Delhi

Adv Tanvi Malik • 20/05/2024

Custody Rights Muslim Girl Not Attained Puberty After Mother's Death

Adv Anshul Jain • 25/05/2024

The Shocking Incident Of Pune Porsche Car Crash

Adv Tanvi Malik • 27/05/2024

Consult With Best Insurance Lawyers In Delhi

Adv Shubham Jindal • 27/05/2024

Immigration Lawyers In Delhi:-Why Hire One ?

Adv Shubham Pahuja • 28/05/2024

Dispute Resolution And Arbitration Lawyers In Delhi

Adv Ankit Kansal • 28/05/2024

Child Custody Lawyer In Delhi

Adv Rahul Pandey • 29/05/2024

Mandatory Video Conference Hearings At All District Courts

Adv Arjun Sharma • 30/05/2024

Delhi High Court Directs Videoconferencing Of All Proceedings At District Courts

Adv Tanvi Malik • 01/06/2024

Role Of NCLT Lawyers In Delhi

Adv Samman Singh • 01/06/2024

Role Of Panel For Lawyers In Delhi

Adv Arjun Sharma • 06/06/2024

US Immigration Lawyer In Delhi

Adv Tanvi Malik • 07/06/2024

The Role Of Army Lawyer In Delhi

Adv Tanvi Malik • 10/06/2024

Best Consumer Lawyer In Delhi

Adv Shubham Jindal • 10/06/2024

Role Of Human Rights Lawyers In Delhi

Adv Shubham Pahuja • 11/06/2024

MACT Lawyers In Delhi

Adv Ankit Kansal • 11/06/2024

Role Of DRT Lawyers In Delhi

Adv Rahul Pandey • 13/06/2024

NDPS Lawyers In Delhi

Adv Kanishk Garg • 13/06/2024

Domestic Violence Lawyers In Delhi NCR

Adv Anshul Jain • 14/06/2024

Employment Lawyers In Delhi

Adv Shifa • 14/06/2024

How To Find The Best Lawyer In India?

Adv Anshul Jain • 21/06/2024

AFT Lawyers In Delhi

Adv Samman Singh • 21/06/2024

SC Sent Notice To NTA And Centre Over NEET-UG Row

Adv Tanvi Malik • 22/06/2024

Status Of Live In Relationship In India?

Adv Shifa • 22/06/2024

Top Lawyers In India

Adv Tanvi Malik • 24/06/2024

Environmental Lawyers In Delhi

Adv Shubham Jindal • 24/06/2024

Doctrine Of Merger Not Universal In Application, Article 142 Powers An Exception: Supreme Court

Adv Shubham Pahuja • 25/06/2024

How To Get Free Legal Advice Online?

Adv Ankit Kansal • 25/06/2024

Suppression Of Facts Requires Severe Measures: Supreme Court Drops SLP At Rs. 25k Expense

Adv Rahul Pandey • 26/06/2024

What Is Revision Under Section 397 Of CRPC And Its Limitation

Adv Samman Singh • 27/06/2024

Is There A Time Limit For Filing Complaints Regarding OMR Sheets Under NEET-UG 2024? Supreme Court Requests NTA

Adv Anshul Jain • 28/06/2024

Top Consumer Lawyer In Delhi

Adv Samman Singh • 28/06/2024

Military Lawyers In Delhi

Adv Tanvi Malik • 29/06/2024

New Laws In Force From July 1st, 2024: Major Changes In Criminal Laws

Adv Tanvi Malik • 02/07/2024

Registration Of A New Case In Delhi Under New Criminal Laws

Adv Shubham Jindal • 02/07/2024

Engineer Rashid Is Granted Parole By A Delhi Court So That He Can Swear In As Baramulla MP

Adv Rahul Pandey • 03/07/2024

Top Female Lawyers In India

Adv Kanishk Garg • 03/07/2024

CBI Issues NBW To Vijay Malaya

Adv Samman Singh • 04/07/2024

The Role Of Advocate For Company Law Matters

Adv Tanvi Malik • 06/07/2024

How To Find The Best Law Firm In Delhi?

Adv Tanvi Malik • 08/07/2024

Best Advocates In Delhi High Court

Adv Shubham Pahuja • 09/07/2024

What Are The Qualities Of Best Advocates?

Adv Ankit Kansal • 09/07/2024

Legal Consultation From Best Lawyers In Delhi And Gurgaon

Adv Arjun Sharma • 11/07/2024

In Patanjali Matter, IMA Notifies Supreme Court That It Has Apologized In Full Page For Remarks Made By Its President

Adv Ankit Kansal • 12/07/2024

Proposal To Include Manusmriti Readings In Law Courses at Delhi University Rejected

Adv Tanvi Malik • 15/07/2024

Supreme Court hearing On NEET Time

Adv Shubham Jindal • 15/07/2024

What Are The Duties Of A Lawyer

Adv Ankit Kansal • 16/07/2024

How To Find The Best Law Firm In Chandigarh?

Adv Arjun Sharma • 18/07/2024

Best Law Firm In Yamuna Nagar

Adv Samman Singh • 18/07/2024

Supreme Court Decision On Pension Today

Adv Anshul Jain • 19/07/2024

Matrimonial Lawyers In Chandigarh

Adv Shifa • 19/07/2024

NEET-UG 2024 Results Released Centre-Wise Following The Order Of The Supreme Court

Adv Tanvi Malik • 22/07/2024

Supreme Court Decides That Names Cannot Be Displayed At Dhabas Along The Kanwar Yatra Routes

Adv Shubham Pahuja • 23/07/2024

The Supreme Court Has Declined To Retest The NEET-UG 2024 Exam

Adv Rahul Pandey • 24/07/2024

BCI Has 6 Weeks Time To Decide On Payment Of Minimum Stipend For Junior Lawyers- Delhi HC

Adv Tanvi Malik • 29/07/2024

Kolkata Rape Murder Case What Happened Till Date

Adv Arjun Sharma • 29/08/2024

Observations By The Supreme Court On Kolkata Rape:-Murder Case

Adv Anshul Jain • 30/08/2024

Court Marriage Process In Delhi +91-88770-01993

Adv Shifa • 07/09/2024

Ujjain: Woman Raped In Daylight, While Passerby Recorded The Video, Rape Accused And Another Arrested +91-88770-01993

Adv Arjun Sharma • 07/09/2024

How To Apply For A Marriage Certificate ? +91-8877001993

Adv Tanvi Malik • 09/09/2024

How Is Murder Punishable? 8877001993

Adv Arjun Sharma • 14/09/2024

Cheque Bounce Lawyers In Delhi 91-8877001993

Adv Rahul Pandey • 18/09/2024

Dowry Death And Its Punishment 91-8877001993

Adv Samman Singh • 19/09/2024

How To Escape From Cheque Bounce Cases ?91-8877001993

Adv Anshul Jain • 20/09/2024

Arrest Of RG Kar Principal And Kolkata Cop By CBI +91-8877001993

Adv Shubham Pahuja • 24/09/2024

Arvind Kejriwal Resignation From The Post Of CM In Delhi

Adv Ankit Kansal • 24/09/2024

Improper Bathing Habits Of Husband Leads To Divorce +91-8877001993

Adv Rahul Pandey • 25/09/2024

Bail Of Delhi CM Arvind Kejriwal In Delhi Excise Policy Case

Adv Kanishk Garg • 25/09/2024

Beef Found In Tirupati Ladoo Prasad +91-8877001993

Adv Anshul Jain • 27/09/2024

Section 125 Of CRPC Is Not There To Create An Army Of Idlers, Well-Qualified Wife Shall Not Solely Depend Upon Maintenance:- Mp High Court 91-8877001993

Adv Tanvi Malik • 28/09/2024

Resignation Not Final Until Employer Communicates The Acceptance To Employee:-SC 91-8877001993

Adv Shifa • 28/09/2024

High Court Condemns "Freebie Culture," Summons MCD Commissioner In Response To Delhi IAS Coaching Center Fatalities 91-8877001993

Adv Tanvi Malik • 30/09/2024

Role Of The Best Family Lawyers In Delhi +91-8877001993

Adv Shubham Pahuja • 01/10/2024

Can’t Call Religion Of India As Pakistan: Supreme Court Blasts Karnataka Judge

Adv Ankit Kansal • 01/10/2024

Death Sentence For Rape And Murder Of 7 Year Old Girl In Kolkata 91-8877001993

Adv Shifa • 05/10/2024

Delhi High Court Grants Pregnancy Termination In Live In Relationship 91-8877001993

Adv Ankit Kansal • 05/10/2024

Living Separately For Jobs Does Not Amount To Desertion 91-8877001993

Adv Kanishk Garg • 09/10/2024

What To Do In Cheque Bounce Case: Lawyers Legal Advice 91-8877001993

Adv Samman Singh • 10/10/2024

Govt Pleas For Criminalizing Marital Rapes?

Adv Tanvi Malik • 14/10/2024

Maintenance To Woman In Live In Relationship 91-8877001993

Adv Ankit Kansal • 15/10/2024

Baba Siddiqui Murder Case And Lawrence:-Bishnoi Gang Connection

Adv Anshul Jain • 18/10/2024

All Arrest And Detentions Are Not Custodial Torture 91-8877001993

Adv Samman Singh • 07/11/2024

New Appointment Cannot Be Revoked If Resignation Is Accepted By The Previous Company 91-8877001993

Adv Arjun Sharma • 09/11/2024

Matrimony Company To Pay Compensation To The Groom 91-8877001993

Adv Shubham Jindal • 11/11/2024

Justice Dy Chandrachud’s Legacy Through His 5 Key Judgments

Adv Ankit Kansal • 12/11/2024

Student Sues Jindal Global Law School After University Fails Him For Using 88% AI Generated Content In Exams 91-8877001993

Adv Arjun Sharma • 14/11/2024

Forcing Wife To Quit Job Amounts To Cruelty 91-8877001993

Adv Shubham Jindal • 25/11/2024

Celebrating The Spirit Of Democracy On Constitution Day On November 26

Adv Shubham Pahuja • 26/11/2024

Judicial Reform Through Set Up Of 24*7 Online Court In Kerela

Adv Anshul Jain • 06/12/2024

Like what you see ? Follow us here
We Accept
Lawyer Account

Sign Up

Sign In

User Account

Sign Up

Sign In