Statute limitations

I am sorry, when Non performing Assets are eating away the public funds, and PSU Banks are reeling under severe funds crunch and in a most pitable position, one can not offer any guidance to your over ambitious efforts without attaning stability during early periods of career and bank will not remain silent till the debt is time barred.

Even if we offer guidance, it is ultimately the Bank that has to yield to and when they are determined to recover each and every single paisa and not even sparing highly reputed industrialists in their endeavours.  Consult with your spouse and other relatives or try to sell away the acquired assets to save reputation and credit rating, as assets can be purchased but credit rating and reputation can not be purchased.  The only advice one can offer is try to settle the amount and negotiate with the Bank.

Don't borrow if you can't pay.

The lenders/banks can't use vulgar language/coercion/threats/intimidation to collect/recover.

Record all calls/meetings.

Raise your demands, objections, greivances to BM,MD of the bank, preferably under guidance of your counsel specializing in banking/consumer matters.

Whatever be the reason, you are expected to pay on time.

The recovery/collection agents can not harass and litter nuisance.
 

Lodge complaint with RBI as well.

You can download the details from many threads e.g.:

https://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp#.VxKJPtQrLIU

The clock of limitation shall be reset if you have admitted the debt after 2009.

I agree with Mr Kumar Doab's opinion.

 It is better to settle all your liabilities today,  to defer it is not a right solution. 

For further legal assistance you can send me a PM (Personal Message) through this site.

Advise; always take assistance from an experienced and well educated Advocate of the field.

You well can see my credentials on my web site www.anandbaliandassociates.com ; plus at many other independent internet sites of India such as on  Pathlegal.in, LawyersclubIndia.com; Justdial.com; Kaanoon.com.; Lawsolva.com; Linkedin.com; Legalindia.com; Myadvo.com; Just Dial.com & Sulekha.com; plus many more .

The clock of limitation shall be reset if you have admitted the debt after 2009.Plus with every interest on the principal amount. Please note. It gets revived with any of your action in between.

Please visit  www.anandbaliandassociates.com
With Regards !!
Anand Bali, Adv.
(B.Com., M.A., LL.B., M.B.A.)
Supreme Court Of India

Here the problem is can you afford to  postpone borrowing or having a right to seek rescheduling ?

or  you wish to further complicate litigation by prologing the issue of harassment throguh another case for harassment, whereas second case may not give any relief financially to you and at the same time burden you with more financial expenditure and loss of peace ?