limitation period and when a debt (amout due to chit fund co

mahesh (Querist) 27 July 2009 This query is : Resolved
What is the limitation period beyond which a chit fund company cannot claim the unpaid subscription amount from a defaulting subscriber. does the law of limitation apply in this case

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Y V Vishweshwar Rao (Expert) 27 July 2009
In a Suit for Recovery of chit fund money by chit fund company the Cause of Action arises on defualt of the payment one installment . In Stallment payments default of one installment, makes all other future installments due on the next month due date . the suit has to be filed with in tree years from the date of defualt , unless otherwise agreed in the Chit Agreement and pleaded in the Suit !

adv. rajeev ( rajoo ) (Expert) 03 August 2009
I agree with YVV

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