Mr.A an NRIhas given loan to B in India 7 years back for 2 Lakh signed in 2 nos 1 Lakh paper. One is simple printed paper with revenue stamp attached and other in a 100Rs court paper. Both papers are unregistered and signed by witness who are already dead.My question is has the loan become time barred? Mr. A is 86 years old sick and cannot come back to India. Can his leagl heir or authorised person claim the refund in India. What is the time limit for such unregistered loan recovery? Can the money be recovered under any act in India.
