Is there any time bar for bank for asking amount back from the client

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In law, there is no restriction imposed on a bank or a financial institution to sell its debt or mortgage to any other bank or financial institution. 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.

Advocate Sohail Haque LawRato