Time barred debt

Dear Mr Ramesh, 

No, the bank cannot recover this amount because it has become time barred. However there is another angle which you must know. Since you have defaulted in your payment your credit score would be bad. In such a case no bank will give you any credit facility without adequate collateral and that too if they do decide to give you loan. Consider this aspect before deciding not to pay the amount. 

Regards

Shubham Bhardwaj (Advocate)

District & Session Court, Chandigarh

Punjab & Haryana High Court, at Chandigarh

Disclaimer:- Opinion is only for guidance

Thank you Sir, for your guidance. 

Yes, bank can not legally recover due and outstanding amount as it has become time barred.

Thank you sir for your guidance. 

You are right that the liability under the Civil law is time barred but if the remedy is used as an offence under the criminal law then in the said act is not time barred.

In economic offences applicability of time barred preposition is not acceptable and there is no limitation for the bank to file the case.

The relevant law is is economic offences in applicability of limitation act.

Contact me and have the best advice.

Regards Gagandeep Goyal

Hello

Theoretically, this debt is time-barred. However, all limitations can be excused by the courts if they found substance in such delay, however, I do not see any such substance as a Bank is involved here that happens to know and practice such law on a regular basis.