loan

Nirupam Dewanji (Querist) 24 December 2009 This query is : Resolved
How much is the limitation period of a loan amount if not paid on the due date. How long a bank initiate a legal action against the borrower

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K D Pande (Expert) 24 December 2009
Limitation to file recovery suit by the bank is 3 yrs.& can be extended for further 3 yrs. on acknowledgement of debt in writting by the borrower.

adv. rajeev ( rajoo ) (Expert) 24 December 2009
I agree with K.D.Pande. Even issuance of notice within three years also extends the limitation

Adinath@Avinash Patil (Expert) 24 December 2009
GENERALLY THREE YEARS BUT IT WILL EXTEND FROM BALANCE CONFIRMATION/ISSUANCE OF NOTICE.

subhash kumar (Expert) 24 December 2009
civil case - three years
on the basis of cheques - within six months from the date of instruments
if the co issue notice for recovery of loan amount then a fresh limitation period starts.
Adv. Subhash Kumar.

PJANARDHANA REDDY (Expert) 24 December 2009
ALL BANKS UPTAINS SO MANY SIGNATURES IN LOT OF BLANK PRINTED DOCS, WHICH ALWAYS CREATES A FRESH LIMITATION IF THEY FILL THE BLANKS.

K D Pande (Expert) 25 December 2009
Notice cannot extent period of limitation.
Limitation for filing suit depends upon type of loan.i.e.

for Term loan--3yrs. from default.
for Cash Credit facility--3 yrs. from last transaction in A/c.

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