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Limitation Law with respect to recovery of loan in a civil court


11-Nov-2023 (In Civil Law)
A gave loan to B via NEFT on 18.11.2016 for B's daughter education. A and B signed loan agreement dated 15-04-2019 acknowledging the debt. What is period of limitation for A to institute legal proceedings against B for recovery of money in a civil court? Can A institute legal proceedings against B's daughter also? Period of limitation for the same?
Answers (2)

Answer #1
510 votes
Limitation is 3 years from the date of the agreement. You cannot claim from his daughter unless she is a party to the agreement or unless the 'B' whom the loan was lent dies. If you want any further assistance, you can contact me.
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Answer #2
956 votes
Limitation period will be three years from the day when cause of action arose Since agreement is entered recently we can still file a suit for recovery of money in the concerned court... You have to pay the court fees as applicable...
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