Legal Question in Credit and Debt Law in India
I have taken money for investment purpose from someone. I have already paid him 4 time of what he has invested. now do to some issues i cannot trade on his money anymore and i have asked him some time to return his capital to him but he refuses to give me time and keeps asking to give returns till i don repay his capital even though he knows that i am not trading anymore. am i liable to pay him anymore money? and do i have the right to ask him time to return his capital?
1 Answer from Attorneys
03.07.2013
Dear Sir / Madam,
You have not mentioned any time frames in your query. So if your friend has invested, say Rs. 1,00,000/- in your business on 02.07.2010, the capital should double in three years time i.e Rs. 2,00,000/- till date, in addition to your friend earning simple interest @ say 10.5% on the sum of Rs. 1,00,000/- per annum which works out to Rs. 31,500/- for three years, till the principle amount invested is repaid back to him. So, if you do not wish to trade on your friend's money anymore, then as illustrated in the above example, your total sum repayable to date works out to Rs. 2,31,500/- (Rupees Two Lakhs Thirty One Thousand Five Hundred Only)
Regards,
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