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Q.Personal Loan barred by limitation
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Q. Personal Loan barred by limitation

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Anonymous

posted 1 month ago

Dear learned Advocates, I
have a query in regards to the personal loan below:
loan Amt : rs 2,00,000.00
Date of sanctioned :21.07.2014
NPA date:30.06.2017 EMI :Rs 8600/-
Last credit to loan account: Rs6500 on 13.10.2015
1. Is this loan barred by limitation?
2. If so, can I received lok adalat summons?
3. If so, what are the necessary step that I can take. I want to settle the loan amicably but did not have cash to settle nor can I regularised it.
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Showing 3 of 3 Responses

A. Dear Sir,
It is not time barred since last transaction took place on 13.10.2015 and it will expire on 13.10.2018. If suit was filed beyond three years it will be called as time barred.

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Anonymous

Replied 1 month ago

Till 13.10.2018 no suit was file and no legal notice was received as per your information it has already expired on 13.10.18. This make me confused, Sir. Can they file suit as of 31-03-2019 after 3 years 6 months? Thanks

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A. 1. not barred by limitation.
2. yes, summons can be issued
3. join proceedings and try to get some time to refund the amount

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Suneel Moudgil

Experience: 15 Year(s)

Responded 1 month ago

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Anonymous

Replied 1 month ago

Thanks you Sir, One more query, As I am living in a different state, it is very hard for me to attend the proceedings, Can I represent myself through letter/writing in the lok adalat

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Anonymous

Replied 1 month ago

Sir, Can I send an email to the Lok adalat as I am not able to attend the proceedings since I am from a different state.

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Suneel Moudgil

Experience: 15 Year(s)

Replied 1 month ago

Yes, you can represent through counsel

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Suneel Moudgil

Experience: 15 Year(s)

Replied 1 month ago

you can also send email but not guaranteed will it be considered or not?
better to engage a lawyer to present your case.

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A. Not clear fact

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 1 month ago

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Anonymous

Replied 1 month ago

Is the loan time barred?

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Rameshwar Dadhe

Experience: 2 Year(s)

Replied 1 month ago

U can file money recovery suit against them immediately

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