nitish joshi (Finance & tax Consultant) 28 January 2011
There is an outstanding bank loan documents of which likeGuarantors agreement, acknowledgement of debt, loan agreement etc.are more than 3 years old. In this situation can these documents can be said as time barred documents according to Limitation act. Please refer relevent sections also.
GUDAKESH KUMAR (LAW OFFICER) 28 January 2011
LImitation Bars the remedy. The documents referred by yourself seems to be documents relating to contract and remedy for breach of contract and / or for enforcement of contract will be barred by limitation within 03 years of the date of arising of cause of action.
adv. rajeev ( rajoo ) (practicing advocate) 28 January 2011
If the doucments what you have said are more than 3 years then documents are time barred documents.
Arvind Singh Chauhan (advocate) 28 January 2011
Yes it is time barred.
N.K.Assumi (Advocate) 29 January 2011
Agreed with the members, as acknowledgement should be within the statutory period of limitation.
Satya Narayana Palukuru (Advocates & Mediators.) 30 January 2011
Bankers letter of guarentee letter adds a clause as to the starting of limitation period from the
day of invocation please verify
RAJU O.F., (Advocate) 21 February 2011
Limitation starts from the date of last part-payment also.
Raju O.F.
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