Madhav 04 January 2019
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 05 January 2019
If a lender did not sue on the promissory note within six years of the date of the loan, the claim was barred by the Limitation Act. Six years was the applicable limitation period. However, the same was not so for promissory notes for contingent loans
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 05 January 2019
In any case the suit must be filed before the expiration of the limitation period which is three years for a pro note (in India excluding J&K state where it is 6 yrs).
G.L.N. Prasad (Retired employee.) 05 January 2019
If there are dated repayments duly incorporated in the loan, it amounts to acknowledgment of a debt and the limitation period of 3 years counts from that date of repayment with such dated signature. Even otherwise, if there is a commitment in writing stating such promissory note date, the limitation commences from date of such acknowledgment of debt.