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limitation period to file a recovery case?
28-Mar-2023 (In Recovery Law)
Suppose I had lend money to a company/ individual on 29.03.2013 and today been extactly last day for 3 years completion. I had notified concern parties on 29.02.2016 through counsel. What shall be my deadline to file petition in court for wound up and recoevery of that loan. ?
The limitation for filing suit is 3 years only. But if you have made any communication with the borrower then the last communication will be treated as your period of limitation. Or else you can file condonation of delay application with reasonable reason that why you did not file before limitation.
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Adv. Siddharth Gupta
Delhi | 25+ Answers
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