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
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 !
