Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 28 April 2021
1. Card Co. is legally entitled to file Criminal Proceedings against its defaulter Credit Card subscribers. There is no exception to this, including time limit.
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Advocate Bhartesh goyal (advocate) 28 April 2021
Better make the due and outstanding balance to bank else bank may initiate criminal proceedings against you which has no time limitation.
Sankaranarayanan (Advocate) 29 April 2021
yes it should be claimed within 3 years .
Pradipta Nath (Advocate) 29 April 2021
Firstly it is for the card company to choose their course of action, whether to file criminal or civil case against you!
Secondly, if criminal case is filed, there is no time bound.
Lastly criminal liability doesn't depend upon secured or unsecured loans. It depends upon the facts and occurrence. In case court take cognizance, you are ought to defend it!
Better to pay the outstanding or go for any settlement scheme.
G.L.N. Prasad (Retired employee.) 29 April 2021
You can not expect any reply that suits you and shows the way how to evade repayment of dues to a financial institution. It is the duty of citizen to repay the dues to a financial institution as FI has not advanced the amount from it's coffers and it is the money of the general public that is involved. There is no limitation period unless the loan is disputed with such facts in reply to such recall notice. If the dues are sold to outside agency, then you will realize that you have done a mistake. The tactics followed by recovery agents (outside) are brutal.
SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 29 April 2021
I do agree with Shri G L N Prasad.
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 29 April 2021
Legal action can be taken in case of credit card payment default. This can be made into a civil dispute and the case can be filed in the court of law.
Dr J C Vashista (Advocate) 30 April 2021
Credit card is a facility provided by financier to its customers on certain terms and conditions.
Limitation of 3 years is there from last transaction in your account.
It is better to consult and engage a local prudent lawyer for better appreciation of facts/ documents, professional advise and necessary proceeding.