My learned friends,
I have a question in regards to my friend personal loan taken from a nationlised bank, He lost his job and cannot pay the EMI. He received a notice from Lok Adalat as pre-litigation notice recently. But he does not acknowledge it in any form. The loan details is:
Loan Amt : Rs 2,00,000.00
Date of sanctioned :21.07.2014
NPA date:30.06.2017
Last credit to loan account on 13.10.2015
Since as per the last credit date, the loan seems to be time barred as of now as 3 years had already passed. Is it so? If so, what step can he take? He also wanted to settle amicably but does not have the cash as of now and cannot even regularised the loan account. What are your expert suggestion to his situation
