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lawyers friend (na)     09 November 2010

time barred dues(limitation Act)

I had a Credit Card which I had stopped making payment in April 2007 due to some wrong charges by the bank...I want to know that as of today can bank claim their money or I can have the benefit of the limitation Act in my Favor, as it has already been more than 3 years they have not contacted me.


 7 Replies

Suchitra. S (Advocate)     10 November 2010

Though it will be a time barred debt, you will not be able to avail credit as your account details will be entered in the list of CIBIL. It is most probable that in that case any other bank will also deny you any loan. It is better you contact the bank and clear the loans.

adv. rajeev ( rajoo ) (practicing advocate)     10 November 2010

You will get the benefit of limitation act.

Arvind Singh Chauhan (advocate)     10 November 2010

Ye it is time barred.

N.K.Assumi (Advocate)     10 November 2010

Suchitra, has made a correct statements of Law.

M.Iqbal Khan Advocate (CEO)     11 November 2010

I dont agree with Ms Suchitra for getting back the bank loan. The CPC is not involved nor the limitaiton. for the banks we have separate law. we have banking recovery law in which any financial institution can get back loan through the banking court. the bank will file case in the banking court and not in civil court. civil court give you benefit of limitation but banking court will not give you benefit of limitation law as the banking courts have separte law.

however please consult your local advocate and get the information either your country have any banking law and either in your country have separte banking courts or not.

Suchitra. S (Advocate)     11 November 2010

Iqbal Sir, my opinion was the same as yours. I never said, he can get out of all the issues only because three years have lapsed. Infact I have advised him to repay the loan. I know banking institutions have their own way to recover the loans.

M.Iqbal Khan Advocate (CEO)     11 November 2010

OK thanks Madam Suchitra S., you are right I am now agree with you as you have explain your expert advice.

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