Limitation for recovery under section 101 of mcs act
sandeep
(Querist) 29 August 2016
This query is : Resolved
Please specify the limitation for the file a case of recovery of outstanding dues under section 101 of mcs act for housing society
Raj Kumar Makkad
(Expert) 29 August 2016
Cooperative society engaged in business of buying goods/services for its members, value recoverable from members for such supplies are called debt. A suit for recovery of debts filed after three years is deemed to be a time barred suit. A suit instituted and application made after the prescribed period shall be dismissed, although limitation has not been set up as a defence [Section 3 of the limitation act, 1963] This is known as a suit for recovery of time barred debt. In commercial parlance a debt owed by one person is income of the person to whom it is payable or it could be any amount due under a contract in relation to sale of goods/services properties for agreed value.
Ms.Usha Kapoor
(Expert) 30 August 2016
Dear Client,
Limitation under cooperative societies a?ct Mumbai for recovery of debt is 3 years.
Rajendra K Goyal
(Expert) 30 August 2016
Academic query, state material facts of the problem if any.
Raj Kumar Makkad
(Expert) 30 August 2016
Though the query was academic but erroneously it has been replied by me for which I do apologize from experts.
