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N KANNAN (MANAGER)     16 June 2010

Recovery of debit

company had transferred the debit balance of the receivables to bad debt account, but the same is not written off. Can the company file a suit for the recovery of the amount from the debtor.Any authority on this point please



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 2 Replies

SRIKANTH MYLAVARAPU (SENIOR OFFICER (LEGAL))     16 June 2010

sir,

COMAPANY HAS SHOWN THE DEBT AS AN BAD DEBT AND DIDNT WITTE OFF MEANSTHE COMPANY DIDNT CLOSED YOUR ACOUNT OF THE DEBTOR.

IF THERE IS AN LIMITAION PERIOD COMPANY HAS RIGHT TO FILE A SUIT AGANIST THE DEBTOR

STILL THE DEBT AGREEMENT IS IN FORCE

YOGESHWAR. (ADVOCATE HIGH COURT-criminal /civil -youract@gmail.com)     24 June 2010

Debtor is liable to pay with only exception of three years if he has not conformed the outstandings in meanwhile otherwise it  gives fresh lease of limitation.


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