Mediators required

Rajesh (Querist) 13 November 2015 This query is : Resolved
Dear Sir,
I gave a loan to a person(friend of my brother)
ofcourse i have promisory note
But it is more than 3 years old now.
I was unable to clear it before within 3 years, as i was handling medical problems.

Now i understood that i could not use the promissory note as it is more than 3 yrs old.

If Anyone who could mediate this matter i would like to handover.

Interested persons can mail me

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SAINATH DEVALLA (Expert) 14 November 2015
u gave a loan/have a promissory note/could not clear the dues as U were handling medical problems/ not clear. Sec 18 of limitation Act prescribes that any acknowledgment shall be before the expiry of the limitation period. The Demand Promissory note is barred by time and the same is not enforceble. The extension of time is available only in case of the valid AOD. Therefore, the debt cannot be recovered based on the promissory note/invald AOD.
However, if there is a fresh promissory note executed in respect of the debt , the same is covered under Sec. 25(3) of the Indian Contract Act and the debt can be recovered.

Guest (Expert) 14 November 2015
Consult A Local good Advocate with all the Documents you have.If Possible Try to Collect A Cheque From him for the Amounts Due in a Very Amicable Way

Rajendra K Goyal (Expert) 14 November 2015
Repeated :

http://www.lawyersclubindia.com/experts/Promissory-note-clarification-570136.asp#.VkbKBnYrLIU

SAINATH DEVALLA (Expert) 14 November 2015
No further assistance for repeated queries.

Dr J C Vashista (Expert) 15 November 2015
What was the opinion/advise in original query? Read it five times you have the answer.
Absurd and rediculous to repeat same query.

Anupam Lahiri (Expert) 15 November 2015
Very absurd query when the law is not in his favour.

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