Hello respected advocates,
I have a situtation, where my uncle gave loan to my father of Rs X amount in di(fferent tranches from 2006 to 2009). No loan agreement, no interest repayment and no confirmation given by my father, wheather oral or written. Loan was given under mututal trust and will not be meant to given back. Now suddently, out of the blue, my uncle files a case in 2015 on my father for loan recovery. My father is showing Loan repayable in his books of accounts til 31 March 2014 in his balance sheet,
Following are the question:-
1. Isn't the loan is time barred? (I read somewhere, not remember,that mere book entries does not mean acknowledgement, as no annaual confirmation given ever and no oral confirmation too).
2. Will the interest be tenable in tha lack of loan agreement.?
I need my father to escape this unwanted liability. As this case was done by malafide intenetions. Would request to provide some case laws or section with reference to your answers.
Thanks in advance,
