info on new law

rk (Querist) 21 February 2009 This query is : Resolved
hello, heard there is law that states that
soc. cannot take more then 3 years interest on unpaid dues ? in what situations is this valid or applicable

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ARVIND JAIN (Expert) 21 February 2009
ITS GENERAL PERIOD OF LIMITATION AS PER LAW UNDER LIMITATION ACT.

PALNITKAR V.V. (Expert) 21 February 2009
Unpaid dues means totally unpaid or partially unpaid?. If the debtor acknolwdeges his liability and/or makes part payment, then the limitation may get extended. In that case interest for more than 3 years can be recovered.

A. A. JOSE (Expert) 21 February 2009
I endorse above views.

M. PIRAVI PERUMAL (Expert) 22 February 2009
I agree with views of my learned friends.

RAKHI BUDHIRAJA ADVOCATE Online

(Expert) 23 February 2009
I do agree with Mr. Palnitker.

B.B.R.Goud. (Expert) 23 February 2009
what arvind jain and palnitkar expressed is absolutely right.

in general, for unpaid /partially paid amount, the limitation period is 3 years as per the limitation act.

just before the expiry period of 3 years, part payment/prformance is done, then the limitation period extends further.

J. P. Shah (Expert) 24 February 2009
To my knowledge Limitation Act is not applicalble to coop societies/banks at least in Gujarat.

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