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Limitation to recover the amount of personal loan from builder


06-Nov-2023 (In Recovery Law)
my father has given loan to builder in oct 14 . he died in apr-16 . as per limitation act can i recover the same amount now??
Answers (4)

Answer #1
912 votes
Dear querist ideally the limitation for recovery of any amount is 3 years, however depending on the document of loan, its terms and how long was the duration, the limitation will begin from expiry of date of return, acknowledgements etc
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Advocate Jitendra Ahuja

Adv. Jitendra Ahuja

LawRato Mumbai | 50+ Answers
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Answer #2
792 votes
Dear sir, normally limitation for filing recovery proceedings is 3 years, So now your claim is time barred now. However, after lending money if is any part payment or anything in writing wherein builder has promised to pay you back then it will help to extend limitation.
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Advocate Sunil Kadam

Adv. Sunil Kadam

LawRatoMumbai | 25+ Answers
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Answer #3
867 votes
Period of limitation is of 3 years for recovery of amount paid to builder. From oct 2014 to oct 2017. U can file case of recovery immediately. But before filling matter you need to send notice of demand first.
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Advocate Deepak Balwant Naik

Adv. Deepak Balwant Naik

LawRatoJalna | 25+ Answers
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Answer #4
889 votes
You say your father has given loan to builder in oct 14 . he died in apr-16 . as per limitation act You can file recovery case within three years which ended on Oct. 2017. In this posstion you exeded limitation period. However if the builder pay something than nothing, then you wil get legal right to recover balance amount from him. for further details you may contact.
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