Limitation under Section 32G .
Om prakash banth
(Querist) 25 July 2015
This query is : Resolved
Property taken over and sold by punjab financial corporation in 1996. Can they take action under Section 32G against sureties for remaining amount after 19 years?
P. Venu
(Expert) 26 July 2015
Facts are incomplete. Please state the material facts.
Om prakash banth
(Querist) 26 July 2015
We took loan of 48 lac@11% from punjab financial in 1990. Due to some unavoidable circumstances project delayed and due to cost escalation another 20 lac was sanctioned @24% but only 14. 7 was released but that too adjusted against first loan. Due to lack of funds unit could not run properly. Pfc locked it in 1994 and sold it for 58. 5 Lac in 1996. In 2001 they issued a recovery notice for 42 lac and we expressed inability to pay. Now after so many years the pfc sent notice for recovery of 14 crores and started proceedings under 32-G. What should we do? Please advice.
Rajendra K Goyal
(Expert) 26 July 2015
The loan seem to be time barred, consult local lawyer.
Om prakash banth
(Querist) 28 July 2015
Attorney was given to a person in 1996 for 16 kanal land. Registration for 12 kanal was done in that year and payment received. For remaining land the attorney could not be cancelled due to oversight. The attorney holder went to get the registration done for remaining land in Feb. 2015. I came to know and also went to the office of sub registrar and requested him to stop the registration as I have not received any payment. I also gave it in writing but he just ignored and registered the sale deed in favour of sons of attorney holder. The sale was without consideration and also undervalued. Can I get this sale deed cancelled by filling civil suit? And also advise if there is any other remedy.
