Outstanding time barred
Navin Kumar Agarwal
(Querist) 08 February 2012
This query is : Resolved
sir i was in a trading business since last 20 years due to some losses i have to close my business last year ,i used to get credit from my suppliers in my business .i have to pay a good amount to one of my supplier of good delivered in 2008 and now we are in 2012 .No legal action has been taken by them against me till now but money is outstanding in accounts ,i am in no position to pay as business is allready closed .CAN THEY DRAG ME TO COURT EVEN NOW OR THIS CASE IS TIME BARRED AS PER LIMITATION ACT
Raj Kumar Makkad
(Expert) 09 February 2012
If you are not in a position to pay then do not think of deficiencies of your creditors to recover the money rather try to settle and negotiate money which may be some share of the total debt.
V R SHROFF
(Expert) 09 February 2012
Wait & Watch.
do not commit anything in writing, or leave evidence, to see that it don't come within limitation period again.
prabhakar singh
(Expert) 09 February 2012
NOW THIS CASE IS TIME BARRED AS PER LIMITATION ACT is your correct thought legally if you do not not acknowledge it in writing with promise to pay; it can not be realized by suit. But debt is a liability on debtor and right of creditor and that never
dies.
Rest is on you.
Sankaranarayanan
(Expert) 09 February 2012
Well said by mr prabbhakar. Law may help but by concious is on ur court
Sailesh Kumar Shah
(Expert) 09 February 2012
I have similar opinion as Mr.Prabhakar Singh. Now, Creditors have no civil remedy.
However,I Suggest you to settle matter amicable even to purchase peace of mind.
Navin Kumar Agarwal
(Querist) 09 February 2012
thanks all for your kind reply but supplier and i have some disputes over defective goods and over waruntee of products sold by me over last several years the concered copmpany has stopped working and we as seller has to give service and guaruntee to coustomers this is also a reason that they have not approached court since 4 years
when we send then legal ntice for services notice returned but over phone they are in contact to me for their dues and saying for giving service later
