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Can I recover the loan that I granted 10 years ago
23-Mar-2023 (In Recovery Law)
i have joined a thrift and credit cooperative society, at Delhi.What I found that society had issued personal loan around 9 years ago to some of its members, and they are defaulter as they had not paid it yet. society is sending demand notice to them every month and they are receiving it but no reply or payment from their part. now what are the options available to me to start legal proceedings to recover the amount.
You can send a legal notice to them and file a suit for recovery .Don't procrastinate it without any rhyme and reason and just file a suit for recovery under order 37 Civil Procedure Code. Just delay this as the limitation will expire then.
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Adv. Aman Khullar
Delhi | 100+ Answers
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You just required to see, what were the terms of the loan agreement on which the money was advanced, when was it due and other like terms have to be seen. Further see, if there is any acknowledgment of debt (in any form) in last three preceding years, so that a summary suit can be maintainable for such recovery. For more refined available remedy you can contact in person with a prior call to me. Thanks
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Adv. Ujjwal Jain
Delhi | 200+ Answers
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YES U CAN RECOVER LOAN IF YOU HAVE RELEVANT PAPERS OF LOAN WE HAVE TO SEE WHETHER THE LOAN REPAYMENT IS TIME BARRED OR NOT , YOU CAN FILE RECOVERY SUIT ALSO , FIRST OF ALL I NEED TO SEE ALL THE DOCUMENTS ....
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Adv. Sandeep Saini
Delhi | 100+ Answers
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