suit for recovery of money is 3 years.

limitation starts from Dec 2010

Hi Sir

There is an outstanding loan amt that i have to pay to icici bank an dit has been more than 4 years now.I have recently started receiving calls from them.For the past 4 years they have not contacted me at all. Please tell me what is the recovery period and whether the bank can claim the amt after 4 years or not?

Claim of money and recovery thereof the limitation period is six months.Count would be started from December 2010.

Hi

So does that mean that after the end og MAY 2011 they will no longer have the right to ask for it or carry out any collection activity towards it?

Hi

The cause of action for recovery arises from the date of the last installment which is due and from that date 3 years is calculated and cause of action arises for every due payable so if your last due has expired 3 years back you can defend your case on limitation. 

lona taken date - jan 2010

total installments-36 i.e. 3 years (last instalment to be paid on dec.2013)

defaulter do not pay any installments, it means last instalments due is on dec. 2013,

is it right?

The loan was taken in the year 2007.

Dear gaurav

yes and three year limitation for each and every single installment so if three years has expired in respect of an installment say 2007 that cannot be claimed only those installments which is within the 3 year period even for limitation there are exceptions under section 5 of the limitation Act.