You can file a suit for recovery under specific relief Act against the said developer and get your interest

Sue the builder to recover your money with interest 

2) suit has to be filed within period of 3 years of expiry of MOU 

3) don’t cancel the MOU 

Cancellation means he wants remove evidece of laon given by cancelling it. Better file recovery suit. Limitation is passing almost.

Court will grant recovery order with up to 9% interest. 

Without lending license, you cannot charge interest so court will decide interest rate.

MOU already expired. Now start recovery process before which you lost due to delay.

- The validity of any agreement is three year from the date of its execution or from the date of knowledge.

1. Since, the date of expiration already passed , hence the said MOU has lost its value legally, and hence no need to sign the cancellation of MOU.

2. That MOU has already expired , hence you can enter into a new MOU/Loan agreement with the builder . 

- Your query is not clear to reply in detail. 

You should at first serve him a legal notice, followed by a case for recovery of the amount.

When the court will be deciding your claim, then interest will also be considered.

1. If the period of 3 three on duration of the MOU has comes to an end then there is no need to cancel it separately.

2. However there is no problem is cancelling it either but if you do then you can not fie any case to recover the dues which are still payable to you.

3. So without going for cancelling it file a case before the consumer frum wherein you will get all reliefs indulging refund, interest and damages. 

The loan along with the interest hasn't been paid yet by the builder. File a recovery suit in the civil court.

If the borrower had not paid any amount for the last three years  towards the loan repayment of loan interest  then it is barred by limitation, hence you cannot claim any money from him due to this barred limitation.

Whether you cancel the MOU or not, it is now infructuous and not enforceable.

However if the borrower acknowledges the loan now  in writing , then you can file a money recovery suit for the loan mount as well as for the interest amount for the last three years.

Please try to take refund of your Principal Amount as soon as possible. 

If able to take cash/cheque take it and sign cancellation of MOU no harm.

MOU and your transaction have lost ground to go for recovery suits before Court of Law for the reasons limitations. 

You can't go for Criminal Case as it's a civil case. 

Take whatever you receive before signing cancellation of MOU no harm.

Memorandum of understanding for loan is already cancelled because of the time however your rights for the interest still prevails you have to file a commercial suit recover the amount of interest and principal and he will be made liable through court to pay the entire amount along with the cost of litigation and interest for the excess period.

You have to file your suit in district court as commercial suit and send legal notice to him before going to the court in this regard

1. It has already expired. 

2. Are you an authorized organization to give LOAN to someone?. If not than do go into legalities. File a police complaint for 420IPC against him for money recovery. 

3. If you are not an authorized organization to give loan like a bank or registered financial organization than you cannot give loan to anybody for interest, it is illegal. So try out the traditional methods(social pressure,police complaint of 420IPC )to recover you amount. 

If the MoU is not registrated as per the registered act than its not valid documents. If you have noted it as Promissory Notes on 100Rs Non Judidial stamp paper plus signed on Revenue stamp than you could have valid point in this regards.

Now you can have MoU Cancellation deed take your Principal amount first in hand and than fight for Interest. 

1. If the developer has not honoured his contractual obligations under the MOU then you can sue him by filing a suit for recovery in the civil court.

2. If he has not honoured his obligations under the contract then it will be unwise for you to execute cancellation deed.

1. Firstly do you have a money lending license if yes you may file suit to recover the interest if not you cannot legally charge interest and recover same.

2. You may take the refund of principal amount and cancel MOU as later builder may refuse or deny to return amount and it will long process after that.

Dear Sir,

Even though the MOU was not registered, you may have several documents, call recordings, whatsapp conversation, emails etc. to prove that loan was taken by him and thus you may serve legal notice and sue him accordingly. 

You can file civil or criminal proceeding for recovery of money. Civil proceeding shall take more time and also more expensive because court fee is applicable in proportionate to money claimed for recovery and it is pre-condition in civil suit.

You can also initiate a criminal proceeding for the offence punishable. Criminal proceeding is swifter than civil proceeding. . 

1. You should execute a cancellation agreement to cancel the MoU and mention that principal amount is returned.

2. The right way is making a cancellation agreement so that no dispute arise at later stage. 

3. Once you make the cancellation agreement then chances to recover the interest will become null.

4. My suggestion is that you should take the amount builder is paying and close the transaction otherwise it can be difficult to recover principal amount