limitation act if loan is 10 year old and payment six month

If you received 1000 through bank then you can file suit for recovery suit otherwise it is not possible.

Received rs1000 in cash and receipt issued for it by nbfc as loan issued by nbfc. Pls guide

What was the time granted for repayment of loan under the terms of the loan agreement? The limitation for filing a suit for recovery shall commence from the last date permitted for repayment or if it was to be repaid on demand then the date of such demand and refusal thereof.

If the time granted for repayment of the entire loan amount expired before March 2014 (or demand made and refused before March 2014, as  the case may be) then limitation for filing a Suit for recovery is not saved by extension of time as provided under Section 19 of the Limitation Act (i.e. effect of payment of debt where the limitation may start running afresh, if the payment is made within the already existing period of limitation).

Even otherwise, payment of Rs.1000 towards whateve may be outstanding is not an acknowledgment of the entire outstanding debt but that is more a matter of evidence.

We are sending notices at regular intervals,normally after 30 days . Loan installment period is 50 months.it is completed in 2011 as per agreement.if it is time barred now what are the remedies available to us.

Unfortunately, none. Sending notices does not increase the period of limitation at all, even by a day (unless in a written reply to a notice, the debtor clearly acknowledges the debt, which I'm frankly yet to see, ever). The limitation to file a suit for recovery lapsed in 2014 and since even the part-payment was after the expiry of limitation, a Suit does not lie and the amount cannot be recovered.

Off hand, I'd say some accountant can now tell you best way to offset it in your accounts as an NPA but you missed the bus for recovery.

Dear Concerned, indivisual person can not issue a personal loan , you need to be understand this, only bank or non banking finanace company from taking prior approval/license from the RBI. frindly loan can be isuued by indivisual person.

As far as the limitation is concerned we have to understand that by what mode you have recived the 1000/- Ruppes and is there any written agrement   was there in between the partis or any cheque was issued by the person, if you have recived the payment by cheque/Neft than your limitation period is still alive and if you have cheques than you can make the limitation from the date of banking ..

Regards

Jaspal S Maini(Adv)

9999987283

9999987283

Thanks all learned seniors, Now.please see- Loan issued in January 2010 with agreement to pay in 12 installments.no payment till January 2011. Amount received in november 2013.and again in october 2016.in this case can we file recovery suit,or we are barred by limitation act. Please guide

yes, u can file if you have received in oct 2016 but by which mode you have revieved ?

It matters .

Regards

Jaspal S Maini

Amount of rs 1000 received in cash and proper receipt has been issued,but nowhere signature of depositor.

you can.....your new limitation starts from the day when you recived the last  payment in oct 2016.. 3 years from the day of last payment recived.

Regards

Jaspal S Maini(Adv)

9999987283

you can.....your new limitation starts from the day when you recived the last  payment in oct 2016.. 3 years from the day of last payment recived.

Regards

Jaspal S Maini(Adv)

9999987283