My friend has taken loan of Rs. 15,000/- from a Co-op. Credit Society around 15 years ago.
Some amount was paid. Maharashtra Co-op. Societies Act 1960 is applicable.
Now society has demanded more than Rs. 70,000/- in its notice to my friend and guarantor.
What is the time limit for Co-op. Credit Society to recover any pending loan from its members?
If loan is taken before ten or more years ago, can society recover the loan with interest after such a gap of ten years?
What is the maximum interest society can recover from the borrower?
can society recover amount of interest more than double the amount of principal borrowed from the society?
Is the rule of "Dam Duppat" is applicable to this act?
Please guide us.
