Can I recover a loan from my co-brother without agreement?
I had given a total loan of 4.5 lakhs to my co-brother: 2.5 lakhs in 2013 and 2 lakhs in 2018. I did not make any legal agreement, but the money was transferred through NEFT to his bank account. Can I sue him now for recovery? Is there any time limit for filing a recovery suit?
Even without a written agreement, you can still recover the loan amount from your co-brother, as the money was transferred through NEFT. The transfer creates an implied contract. The limitation period for filing a recovery suit is generally 3 years from the date the loan was due for repayment, as per Indian law. For further legal assistance contact us on our helpline number.
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