Promisory note

partha saradhi (Querist) 15 July 2018 This query is : Resolved
Sir,
I have lent some money by executing promissory note by him. 3 years time passed but he did not repay the loan amount. How to revalidate the time bared promissory note.. please guide me.

Thank you.
yours sincerely,
T.Partha saradhi

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Kishor Mehta (Expert) 16 July 2018
You should get a written consent from the borrower.

R.K Nanda (Expert) 16 July 2018
Get written acknowledgement from borrower to extend limitation of debt

Dr J C Vashista (Expert) 17 July 2018
Did you demand the money given to borrower?
Have you issued written demand notice?
Consult a local lawyer for better appreciation of facts, analyses and guidance.

Guest (Expert) 17 July 2018
As Per The Limitations Act the time limit for filing a suit for Recovery on a Promisory Note is only 3 years with only 3 days extension.

Guest (Expert) 17 July 2018
If you had received a Post dated cheque you are safe to some extent.

Guest (Expert) 17 July 2018
Agree with the advises of Experts Mr.Kishore Mehta and Mr.R.K.Nanda

Guest (Expert) 17 July 2018
Better seek an amicable settlement in a polite and pleasing manner.

Guest (Expert) 17 July 2018
Discuss with a Local Advocate

Kumar Doab (Expert) 17 July 2018
You can benefit from the above posts of Mr. Kishore Mehta, Mr. R.K. Nanda.

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