rahul agarwal (Owner) 17 November 2014
A vehicle (Truck) loan have been taken in 1980 repaid some part of it till 1988 however after that no payment have been done. Now after 30 years bank was asking for payment of outstanding with interest. No letter have been received previously. What is the customers liability in such case.
Bank haven't asked for payment for such a long time?
Account has been made NPA?
Please suggest with relevant Section and Case law in such case
Dalip Singh (Advocate) 18 November 2014
The case is highly time barred.
Kumar Doab (FIN) 18 November 2014
Kumar Doab (FIN) 18 November 2014
suman rakesh bakhla (student) 18 November 2014
Thank you kumar sir for your valuable opinion.....
I want to ask you one question?If i will take this issue to the labour court......will they can help me out of this situation?because what i am facing is becoming too horrable for me and bank don't want to even listen my problems.
This time i make it sure i will take the bank to the court and let my certificate back with me.
Sir,kindly tell me am i going in the right path or not?
Kumar Doab (FIN) 18 November 2014
Jitesh (self) 19 November 2014
its time barred under the limitation act. may be the under mentioned judgement can help u.
HIGH COURT OF DELHI AT NEW DELHI
LPA No.942 of 2011
Reserved on: March 05, 2012
Pronounced on: April 20, 2012
SOMNATH MANOCHA
CORAM :- HON’BLE THE ACTING CHIEF JUSTICE HON’BLE MR. JUSTICE RAJIV SAHAI
36. Limitation No secured creditor shall be entitled to take all or any of the measures under sub-section (4) of section 13, unless his claim in respect of financial asset is made within the period of limitation prescribed under the Limitation Act, 1963 (36 of 1963).”
Sudhir Kumar, Advocate (Advocate) 25 November 2014
is the vehicle still hypothecated to bank.
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