Limitation period for any legal action for a loan which was to be closed in march 2004

Guest (Querist) 16 November 2011 This query is : Resolved
Want to know whether any financial agency can take recourse under law if the loan which was to be closed in monthly installments and the last two installments in march & April 2004 remained unpaid as claimed by the agency. There is no correspondence or any communication neither from the agency nor from the party who took this loan. As far as I know there is no recourse under law to the agency.Kindly clarify.

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Raj Kumar Makkad (Expert) 16 November 2011
Such agency has no legal right to recover unpaid amount as on today because it is barred under limitation of 3 years from last acknowledgement of loan from your side.

prabhakar singh (Expert) 16 November 2011
Yes! Then limitation has stood expired by March & April 2007 hence the dues installments are not enforceable at law.