Can this be a time barred debt?

Querist : Anonymous (Querist) 03 September 2011 This query is : Resolved
A person took an education loan with his father as co-applicant in April 2006. The last disbursement was done in April 2008 and last interest payment was done in April 2008. From that day no transactions were done in the loan account. Will the loan get time barred. Whether banks can set-off it against any other accounts that are owned by father only. If any guarantee exists, will bank have the right to proceed for it?

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prabhakar singh (Expert) 03 September 2011
If any guarantee exists, will bank have the right to proceed for it?

BE FRANK AND TELL WHAT GUARANTEE EXISTS ONLY THEN REPLY COULD BE POSSIBLE.

prabhakar singh (Expert) 03 September 2011
ON plane surface it is time barred but it can prove misleading for facts concealed by you.

prabhakar singh (Expert) 03 September 2011
No set off in absence of any agreement would be possible,but in case suit is possible an order for attachment before judgement could be obtainable.

prabhakar singh (Expert) 03 September 2011
In case there is guarantee of immovable property by equitable mortgage or otherwise then limitation would be 12years and not only 3 years from April 2008 but why you want to stay dishonest???
Banks have deposits of public under obligation to return ,what would be the fate of country's economy if every one turns to think in your line.
It is sad and i condemn you for such thinking.

ajay sethi (Expert) 03 September 2011
appears to be time barred . since no transactions have taken place since april 2008 . but have you subsequently executed any documents wherein you acknowledged your liability to pay bank or signed on blank papers?

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