Personal Loan barred by limitation

5 years 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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Kishan Dutt Kalaskar

Responded 5 years ago

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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 5 years 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

Suneel Moudgil

Responded 5 years ago

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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Anonymous

Replied 5 years 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

Anonymous

Replied 5 years 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.

Suneel Moudgil

Replied 5 years ago

Yes, you can represent through counsel

Suneel Moudgil

Replied 5 years ago

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

Rameshwar Dadhe

Responded 5 years ago

A.Not clear fact

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Anonymous

Replied 5 years ago

Is the loan time barred?

Rameshwar Dadhe

Replied 5 years ago

U can file money recovery suit against them immediately

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