Is it necessary to file suit under 2607R1 as 3yrs time will be over shortly of giving the loan/cheque
1. Filing "Recovery Suit" depends on your wish. IF you deem it necessary THEN file the suit otherwise don't file, since this depends on a legally enforceable debit /liability shown against the opposite party, in your own balance sheet /income tax returns.
2. Recovery Suit can be filed even after limitation period is over, with permission of court, by giving cogent reasons and a "Condone Delay" application, in the local Civil Court.