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Author Topic: Loan recovery from a office colleague written on stamp paper  (Read 424 times)

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Offline rohitshakti

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Loan recovery from a office colleague written on stamp paper
« on: March 21, 2016, 12:30:19 AM »
Sir,

My father had given a loan of Rs.2.5 lakhs to one of his office colleague and had the same written on a Rs.50 stamp paper with nottary attestation but no cheques were taken from him.  Now my father has retired. 

The loan was given nearly 6-7 years ago.  The person had returned nearly 1 lakh from the loan amount in the course of last few years but an amount of 1.5 lakhs is still due with him and now he does not take our phones either and does not want to pay. 

What action can be taken against him to get our money back ?

regards

Offline rajgopal sripathi

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Re: Loan recovery from a office colleague written on stamp paper
« Reply #1 on: March 21, 2016, 02:16:39 AM »
Hi
You should file a civil suit to claim the arrears.
Since it is more than 6-7 years, law of limitation will apply.
in order to circumvent that you should say that he paid 20000 as pending arrears some 2 years ago and so the limitation kicks in from the date he paid pending arrears.
Rajgopal Sripathi
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