Chetan Padm (law) 31 March 2012
Likewise if there is any acknowledgement of debt by the party concerned then also the period of limitation is reckoned from the date of acknowledgement.
is there any judgment or citation to support this statement ?
you help will be appreciated.
regards,
Chomu
Chetan Padm (law) 31 March 2012
2 friends Amit and Vikram.
Jan 2005 Amit takes loan of Rs. 10,000 from Vikram.
Jan 2006 Amit takes another loan of Rs. 20,000 from Vikram.
Vikram do not return loan.
Technically Time to file legal suit of recovery expires in Jan 2008 & Jan 2009 respectively (3 Years)
Amit send the notice to Vikram in Jan- 2010 to return loan amount with 10 % interest.
Vikram issues cheque in Jan-2010 for amount of Rs. 50,000 ( total principal + interest)
Cheque bounces.
Question :
1. Is Vikram liable to be procecuted for NI Act.
2. Can Amit file civil recovery cases against Vikram in Jan-2010.
3. What would be the applicability of limitation period ( from date of loan or from the date of cheque bounce i.e last payment made).
Will Indian Contact Act apply on this case ?
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