Educational loan Waived off
10 months ago
My friend had taken an educational loan in 2006 from corporate bank in Kerala. And he has not paid one EMI ever. Then the corporate bank has been taken over by another private bank.
But now after 17 years they are asking for repayment and have sent several notices as well.
My question is this, is there any legal way of getting this loan Waived off since it has been 17 years since ? Is there any law regarding educational loans that are NPA being automatically closed off ?
A.Dear Client,
A debt cannot be waived automatically by the passes of time until and unless it is repaid by the Borrower and can not refrain the lender from taking action against the borrower being barred by limitation. Applying the concept of continuing cause of action under Section 13(4) of the SARFAESI Act, 2002 and the limitation available for challenging the said measures under Section 17 of the said Act before the Debts Recovery Tribunal (hereinafter “DRT”), Lender or secured creditor may claim the refund of debt from the borrower. The concept of “continuing cause of action” implies that if multiple causes of action arise during any civil proceeding, then the period of limitation must be counted from the last and the latest action in point of time or till the proceedings initiated under any enactment are in existence. So, reach out to an Advocate for guidance and steps
A debt cannot be waived automatically by the passes of time until and unless it is repaid by the Borrower and can not refrain the lender from taking action against the borrower being barred by limitation. Applying the concept of continuing cause of action under Section 13(4) of the SARFAESI Act, 2002 and the limitation available for challenging the said measures under Section 17 of the said Act before the Debts Recovery Tribunal (hereinafter “DRT”), Lender or secured creditor may claim the refund of debt from the borrower. The concept of “continuing cause of action” implies that if multiple causes of action arise during any civil proceeding, then the period of limitation must be counted from the last and the latest action in point of time or till the proceedings initiated under any enactment are in existence. So, reach out to an Advocate for guidance and steps
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A.Dear clientT
Asper the Indian Limitation Act, for debt recovery, the statute of limitation is three years from the day the money was lent. Suppose there is no dispute regarding the money lent within three years of lending it. In that case, the statute of limitation expires, and the court has every right to refuse to entertain the case.
The ‘limitation period’ or the statute of limitation is a period of time within which one must come forward with any complaints regarding a particular issue.
Hence, the banks can't pressurise your friend as the limitation period has expired to claim the loan
Asper the Indian Limitation Act, for debt recovery, the statute of limitation is three years from the day the money was lent. Suppose there is no dispute regarding the money lent within three years of lending it. In that case, the statute of limitation expires, and the court has every right to refuse to entertain the case.
The ‘limitation period’ or the statute of limitation is a period of time within which one must come forward with any complaints regarding a particular issue.
Hence, the banks can't pressurise your friend as the limitation period has expired to claim the loan
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