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shivani Jain   08 January 2022

Recover money

Mr.x had been giving cheques to his chartered accountant from 1980 to 2005 in the name for investment.Aftet 2005 the chartered accountant gave Mr. X promissory notes till 2015.Mr.X wants to recover the money from the chartered accountant and filed a suit against him in 2021.so is the limitation period over to recover the monkey??And what further proceedings can be done to recover the money from the chartered accountant.


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 4 Replies

G.L.N. Prasad (Retired employee.)     08 January 2022

Contact a local advocate and show such documents remembering that you are dealing with a Chartered Accountant and he is aware of the intricacies and legal knowledge is his subject.  The limitation period is the main constraint in your case.  But it is certain that you are at his mercy and should deal tactfully without spoiling the relationship till recovery.

shivani Jain   08 January 2022

The defendant has said the limitation period is over so there can't be any case on the chartered accountant and the civil suit is invalid

G.L.N. Prasad (Retired employee.)     08 January 2022

A competent advocate knows and means to bring back such cases in ICU back to life. (like obtaining AOD from CA with proper revenue stamps that are issued prior to the date of AOD).  There are some agencies he may be knowing can extract such documents from him for a hefty fee.

Aarushi   08 January 2022

Dear user,

Sir, in a case Vithaldas Bhavadas vs Yellosa Laxmansa, the Supreme Court said a statement that according to the article 61 of the Limitation Act, 3 years of time is given to recover any money. But section 18(1) of the Limitation Act, also states that, if there is an acknowledgement with a signature from the person who has your money after 3 years from the day the payment was made, a fresh period of limitation is counted from the date of acknowledgement made. Apart from this, even if 3 years have passes and there are any serious circumstances which stopped you from claiming your money, you can still file a complaint in order to recover your money.

I hope I was able to solve your query. Please feel free to leave follow up questions, if any.

 

 

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