Limitation for filing suit for recovery of outstanding amount
Priyanka Vijay
(Querist) 01 February 2014
This query is : Resolved
Hi all,
My query is this... can a person file a suit for recovery of an outstanding amount under a contract after six years of expiry of that contract?
How the limitation period is calculated? When it starts and End.
Please give me reference of proper provisions of laws.
Regards
Priyanka
Dr J C Vashista
(Expert) 01 February 2014
No, it is time barred
For rest it is an academic query, no reply
R.K Nanda
(Expert) 01 February 2014
3 YEARS AND UR CASE IS NOW TIME BARRED.
R.K Nanda
(Expert) 01 February 2014
3 YEARS AND UR CASE IS NOW TIME BARRED.
R.V.RAO
(Expert) 01 February 2014
the contract states the dates as to when the different mile stone payments are due under the contract.
Those are the dates from when the 3 year period of limitation starts.
if contract is silent on dates of payments,go for the arbitration clause or any collateral security envisaged /stipulated in terms of the contract to ensure payments.
what are payment terms in the contract?
the law will settle the payments strictly as per contract.
T. Kalaiselvan, Advocate
(Expert) 03 February 2014
I agree with the opinion of expert Mr. RV Rao stating that the terms of contract will decide about the law of limitation on the subject issue. If the terms are such then the limitation of 3 years period will start from the date as stipulated in the terms of teh contract agreement.
