Loan of rs. 400000/- in the onth of jan 2017

DEEPAK DHAMEJA (Querist) 22 March 2021 This query is : Resolved
AS I HAVE RECEIVED A LOAN FROM A PERSON OF Rs. 700000/- ON 19-1-17 THROUGH RTGS. AND PAID Rs. 300000/- TO HIM ON 25-01-2017 THROUGH CHEQUE.
AND THIS PERSON IN FOUR YEARS NEVER DEMANDED SINGLE RUPEE FROM ME (ON PAPER)
SO PLEASE GUIDE ME THAT LEGALLY HE CAN CHALLENGE ME FOR REMIANING MONEY OR NOT ??
AND ALSO GUIDE ME THAT THIS BECOME TIME BARRED DEBT ??

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Quick Summary

This discussion addresses a loan of Rs. 700,000 received in January 2017, with a partial repayment of Rs. 300,000 made shortly after. The lender has not demanded repayment for four years. The key questions are whether the lender can legally claim the remaining amount and if the debt is time-barred. Advice suggests that the limitation period for claiming the debt starts from the last payment date (25-01-2017), and legally, after three years from this date, the debt may be time-barred. However, ethically and morally, repayment is still expected, and avoiding litigation is advised.

K Rajasekharan (Expert) 22 March 2021
The limitation period starts running from the proposed date of repayment of loan and not from the date of disbursement of loan.

kavksatyanarayana (Expert) 22 March 2021
Though he did not ask you to repay the loan, it is your minimum duty to inform why you are not paying and you shall repay the same. Otherwise, he can proceed through court.

Advocate Bhartesh goyal (Expert) 23 March 2021
Yes, limitation period three years starts running from proposed date of payment.

krishna mohan (Expert) 23 March 2021
He can sue for outstanding loan and interest. Better pay and close the load to avoid litigation.

Dr J C Vashista (Expert) 24 March 2021
Legally time barred debt, which can not be entertained, if claimed.
Morally, ethically and socially you can not escape and must repay.

Hemant Agarwal (Expert) 24 March 2021
1. Since you have partly paid your liability on 25-01-2017, the limitation period starts from 25-01-2017.

2. Depending on how you perceive yourself as a Prudent person with repaying capacity, "LEGALLY" the Lender CANNOT claim the balance of Loan amount from you, AFTER three years, starting from 25-01-2017.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

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