Mr. X had agreed to repay a friendly loan advanced to him after 3 months. He failed to repay but agreed to continue to pay interest till repayment.
Does payment of interest on friendly loan extend period of limitation u/s 19 of Limitation Act?
K. Maheshwari 21 June 2019
Mr. X had agreed to repay a friendly loan advanced to him after 3 months. He failed to repay but agreed to continue to pay interest till repayment.
Does payment of interest on friendly loan extend period of limitation u/s 19 of Limitation Act?
Shashi Dhara 21 June 2019
K. Maheshwari 21 June 2019
Shashi Dhara 21 June 2019
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 21 June 2019
If the debtor makes a part payment before the expiry of the limitation period, either by himself or by his agent duly authorised on his behalf or in the handwriting of himself or such agent, fresh period of limitation starts from date of such part payment. : A credit entry by itself does not save limitation. Pay in slip signed by the borrower or his duly authorised agent amounts to part-payment. A pay in slip signed by an employee of a partnership firm or a company does not save limitation. : It needs to be noted that acknowledgement of debt and part payment should be obtained before the expiry of limitation period as they cannot revive the limitation if already expired.