Bank Loan (recovery limitation act )
Anand
(Querist) 12 November 2009
This query is : Resolved
Big Thanks to
Mr Rajeev S Vadrali
Mr Bhupendra Sharma
Mr Y V Vishweshwar Rao.
Pl explain " there is the limitation if the debt is acknowledge on running account"
We have asked for the statement of account and inspection of documents submitted by bank to arbritetor but no
positive response till date.
Some friend said if you have not paid ant amount to your bank for more than 3/4/5/6 years, bank cannot file recovery case against you.
Bcos in our case since last 8 (eight) years or more we have not deposited in thing in our account not at all operated it.
Hope this will give a better insight in this case.
Regards and lot of prayers from entire family.
Anand
adv. rajeev ( rajoo )
(Expert) 12 November 2009
in case of running a/c acknowledging of debt does not arise.
since 8 years your a/c is inoperated then it is time barred debt.
Raj Kumar Makkad
(Expert) 12 November 2009
Generally Banks get the signatures on some blank and typed documents at the time of sanctioning of the loan and those documents are used in the acknowledgment. It is better to chose the file of the bank.
Y V Vishweshwar Rao
(Expert) 13 November 2009
1- You are entiled to claim copies of the docuemtns filed by Bank before the arbitrator - file memo beofre arbitrator for copies and request the copies and after verification of the facts submit your reply before Arbitrator
2- Rgarding Limitation - all the afcts of the case have to be considered to conclude the limitation issue - General Opinions may not apply in all cases !
