Legal Question in Credit and Debt Law in India

i had given a loan of rs 5 lacs by cheque to my cousin brother in the name of his shop which is a partnership firm having his wife as one partner and his brother's wife as second partner.this loan was given in the year 2007.there was no agreement for this but he is not returning back my money inspite he is threatening and abusing me.since the firm is in the name of ladies i had not tried to recover the loan legaly and i didn't wanted to disturb our relationship.cerrently i am facing hardship of money and prepared myself to go legaly.can i file a legal suit to recover my loan.


Asked on 9/28/13, 5:59 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

28.09.2013

Dear Sir / Madam,

Since you have given the loan to the partnership firm, the partners are responsible to repay it back to you. It makes better sense to elude your cousin brother and directly tell the partners to repay it back immediately to you with simple interest @ 18% per annum from the date of realization of your cheque till the date of the partner's giving you a cheque in repayment of the loan amount. Tell the partners clearly in your letter to them, that if they fail to repay the loan amount within 10 days, you will report the matter to the Police. After a week, should you not receive the cheque, lodge an FIR against the partners in the Police. Re-post query if there is no Police action within three days of your lodging the FIR.

Regards,

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Answered on 9/28/13, 8:34 am


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