seema sharma 31 July 2015
sir,
I concern for a thrift and credit coop society regd in Delhi.these are points:-
1. A member took loan in may 2007.
2. he never paid any installments.
3. He paid some amount in july 2015
Query :-
1. when cause of action arose for filing arbitratiuon .
2. from which date limitation act will apply.
3. what are the remedies for us in case of expiry of limitaion period.
Dalip Singh (Advocate) 01 August 2015
A member took loan in 2007. After default of 3 installments, notice should be sent and thereafter, you could file arbitration case. Now tell me when period of loan expired. In case the loan was for a period of 5 years, the limitation startes from 2012 and the case can be filed till 2015. In case he has deposited some money in July, 2015, he accepted his liability and also extend its liability from July, 2015 to July, 2018. In case member does not continue to deposit the installment afteer July, 2015, you can file the arbitratioan case. For exact opinion give complete detail.
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