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In 2021, I started a business with a franchise, and the owners became friends. Between 2021 and 2022, we had several transactions, including rent and bills. I also contributed about Rs. 3 lakh for their family and business needs. My business closed, and it's been two years now. I have kept asking when they will repay, but they always say they don’t have the money. The overdue amount is now Rs. 2,25,000, and they are no longer returning my calls or committing to a repayment date. When I threatened legal action, they said, “Go legal.” It seems they have no intention of repaying. Can you advise me on the legal action I can take to reclaim my money and whether I can seek compensation?
You have the legal right to reclaim the money owed to you. Start by sending a legal notice demanding repayment. If they fail to respond, you can file a civil suit for recovery of the amount owed. You may also claim interest or damages for breach of trust and non-payment. For further legal assistance contact us on our helpline number.