Upgrad LLM

cpc case law query 2

Company Secretary

A borrowed a sum of money from B with a promise to return on 1st Jan, 2000.

On 1st Jan, 2000, A paid the interest to B and requested to give him one more year for repayment.

A has been making a similar request to B every year.

Can B file the suit in 2008??

Is payment of interest every year, an acknowledgement of the claim??

 
Reply   
 

Yes payment of interest is acknowledgement of claim.  You can file the suit for recovery.


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Advocate

Pooja ji, limitation period gets revised from the date of acknowledgement. So, 'A' can file a case for recovery . S.18 of Limitation Act.


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lawer

The reply is in the affirmative,provided the date on which the interest  paid / received is endorsed on the instrument,the borrower is liable to be sued within THREE years from date of last such endorsement of interest.


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Company Secretary

Thanks all for your valuable suggestions..

 
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yes a can file a suit for recovery of money. limitation period for filing the suit will start from the date of paying the interest.


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Adv P & H High Court Chandigarh

definitely suit for recovery can be filed within 3 years of acknowledgement of loan and in your case, you can file the case.


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advocate

YOU  CAN FILE CIVIL SUIT FOR RECOVERY OF AMOUNT  WITHIN THREE YEARS FROM LAST ACKNOWLEDGMENT.


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ADVOCATE

yes u can file a suit for recovery within 3 years from the last  date of  acknowledge of loan.


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Payment of interest every year, is itself an acknowledgement of the claim. You can a file suit for recovery of loan within three years from the that date.


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