In the year a agency of SBI credit cards has apprached me for the credit card with a limit of Rs. 25,000/-. I applied for the same and received the same in 2006. In the year June, 2007 i have spend money amounting to Rs. 23,000/- but due to some financial crisis I could not refund the money. After that I received some statements from the bank twice in a year but after for the last 2 years i did not received any thing from the bank. Now some collection agency approached me on 24/4/12and said to me that I have to pay an amount of Rs. 1,18,000/- ( inclusive interest and principal) for using credit card. I said them to settle the case and waive me the interest as much as possible so that i will make the payment, but instead they told me to deposit Rs.1,1,8,000/- or face legal action u/s 420/406 of criminal act.
I want an expert advice whether bank can approach the criminal court against a defaulter of credit card and whether the crimianl court accept this purely civil case in court for trial. I also want to know what is the time limit in which a bank can approach the court for a legal action against a defaulter.