non payment of deposit

prakash (Querist) 18 February 2010 This query is : Resolved
Sir,
I had deposited some amount with a partnership firm as a depositor in 2001.The agreed interest rate was 12% p.a.
Till 2004 they have provided me the copy of account annual basis but after 2004 they are not giving me the copy of account
neither they returned my amount.I have not issued any notice to them.The conversation was only in oral.I want to know that can I file a civil suit against them or my case is time barred.
Please suggest me what is the remedy.
thanks.

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Parveen Kr. Aggarwal (Expert) 18 February 2010
When was the amount repayable as per the terms agreed upon while making deposit in the year 2001?

Till when payment of interest has been made to you?

Whether there is any refusal (oral or in writing) on the part of the firm to repay the amount?

Raj Kumar Makkad (Expert) 18 February 2010
As the law of limitation prescribes a period of 3 years for filing the case of recovery which has already expired so better you get from them any confirmation of the loan in writing and then after issuing the loan demand notice, file the civil suit for recovery.

Guest (Expert) 18 February 2010
Your problem has two legal solutions. One already Shri RK Makkad suggested. The other one of course is under criminal law u/s.420 I.P.C. if you see any guilty intention on the part of the finance firm avoiding repayment of your money. It is foremost requirement that you should immediately send a legal notice to them. Based upon their version in reply, you may understand their mind and then decide with the help of your advocate about the appropriate legal recourse. If you don't get any reply, then you may initiate criminal law proceedings against the firm and its partners.

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