Manjunath 03 September 2019

Law of limitation wrt loan

-A gives B loan via NEFT on 01.01.2016. but without loan agreement. -A and B enter into loan agreement for above transaction on and dated 01.05.2019. -The law of limitation w.r.t. loan is 3 years but is it from transaction date i.e.01.01.2016 or the loan agreement date i.e.01.05.2019?

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Vag Ananth 03 September 2019

continuous cause of action

Sr. Advocate Alok Mahur 03 September 2019

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SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 04 September 2019

What was written in the loan agreement Dated 01 05 2016 is very relevant. Whether the loan agreement mentions the date of taking loan as 01 01 2016? If so the limitation is from 01 01 2016.

G.L.N. Prasad (Retired employee.) 04 September 2019

The loan agreement must have also stated the loan disbursed and then this amounts to an acknowledgment of a debt, and the limitation period stands extended to three years from date of agreement in my opinion.

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