Time barred debt - section 138
Mohammed
(Querist) 16 August 2012
This query is : Resolved
Dear Experts,
I need your opinion on my case.
In October 2007 I availed a loan from Reliance Capital for 700,000 for a family business, for which I paid emi for 8 months after which I lost my job due to sub prime crisis in US and since then I tried many odd jobs not relevant to my profile to support my family, and the salary was not the same it most reduced to 70% by then, with mere 30% had to support my family, also my family business was not gong well as expected so we had to shut it.
I sent a letter to the Bank in July 2008 stating my situation, but bank did not acknowledge and started harressing me at my residence, and later I had to shift my place due to financial crisis, and I did not intimate the bank about my shifting fearing their harassment to my family.
After 4 years of struggle I got a job in a small staffing company, with a similar salary with 10-15% hike, and suddenly Reliance capital people or debt collection agency found my details through professional networking site and came to me asking to repay the loan, and started threatening me that Non-Bailable warrant has been issued and u/s 138 criminal charges will be filed against me, and threatening me that they will speak with my HR about this and complicate my employment with the company.
Though I understand its a time barred debt, (loan taken in October 2007 paid till June 2008).
They are threatening me everyday over the phone and because of this my mother's health condition is deteriorating every day, and one person comes to my office and speak rudely.
PLEASE ADVISE.
ajay sethi
(Expert) 16 August 2012
lodge police complaint against the debt collection agency . send legal notice to company to stop harassment . let them take legal proceedings . claim would be barred by limitation
ajay sethi
(Expert) 16 August 2012
i presume you have not issued any cheques to the company . if you ahve company will fill in date and present the cheque
Mohammed
(Querist) 16 August 2012
Thank you so much Mr. Ajay Sethi for your timely inputs and advise, I had issued a cheque to them at the time of availing the loan, which was in year 2007, but have not issued any cheque recently. Will there be any complications. Please advise.
