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Is there any time bar for bank for asking amount back from the client
18-Feb-2023 (In Recovery Law)
My close relative took personal loan (unsecured)in 2008 from ABN Amro, naturally upon agreement with ABN Amro Bank.He made part payment that year. However, then financial condition deteriorated,unable to pay remaining amount. In the meantime, as I know, ABN Amo Bank also sold that division to Royal Bank of Scotland.Then Royal Bank of Scotland sold that division to Kotak Mahindra Bank.My relative also changed his residence in 2010. Now after 7 years Kotak Mahindra Bank are harassing my relative.Can they harass?Is it legally valid for Kotak Mahindra Bank to claim refund? Also, any time bar ?
Money lent on an agreement has been dealt under Article 19 of the Limitation Act, 1963 providing for a 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.
Moreover, the period prescribed for enforcing the secured debt or mortgage is 12 years from the date when the money becomes due, as contemplated under Section 62 of the Limitation Act, 1963
Now, in the present case, Whether Kotak Mahindra Bank is legally entitled to claim refund within the limitation period or not would be ascertained only after perusing the date on which it had proceeded under section 13(4) of the Sarfaesi Act 2002 for its recovery.
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Adv. Sohail Haque
Kolkata | 25+ Answers
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