630+ Lawyers are online 
Time limit for filing a recovery case is it valid after 3 years
23-Feb-2023 (In Recovery Law)
8 years back i had taken a loan from ICICI bank as personal loan from kolkata i lost my job before i lost my job i had paid 6 instalments,amount of approx 48000/-.i had taken the loan principal amount 3 lakhs .my further was ver ill since 8 years and i am the sole bread earner of my family i shifted to Bangalore for work.So far untill 8 years i had no connection with bank people out of the blue there is call from the bank in my new number to pay the due amount.previously i was advised by a lawyer if the case is old more than 3 years the loan amount becomes null and void.Im penniless
In the case of Money lent under an Agreement by the Bank, Article 19 of the Limitation Act, 1963 prescribes a limitation period of 3 years in relation to a suit or in the context to be construed as proceeding under section 13(4) for its recovery from the date on which the right to recover accrues.
On the basis of your query, I am of the opinion that ICICI Bank cannot proceed now for the recovery of money, due to the recovery period being time barred but they will be at liberty to appropriate any money from your bank account at ICICI Bank , if ever in future you deposit any in such account of ICICI Bank towards appropriation of previous due.
Regards,
Sohail Haque
On the basis of your query, I am of the opinion that ICICI Bank cannot proceed now for the recovery of money, due to the recovery period being time barred but they will be at liberty to appropriate any money from your bank account at ICICI Bank , if ever in future you deposit any in such account of ICICI Bank towards appropriation of previous due.
Regards,
Sohail Haque
Helpful?
59+
59+
Adv. Sohail Haque
Kolkata | 25+ Answers
Chat
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Recovery lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
