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Time limit for filing a recovery case is it valid after 3 years
In Recovery Law
8 years back i had taken a loan from ICICI bank as personal loan from kolkata i lost my job before i lost my job i had paid 6 instalments,amount of approx 48000/-.i had taken the loan principal amount 3 lakhs .my further was ver ill since 8 years and i am the sole bread earner of my family i shifted to Bangalore for work.So far untill 8 years i had no connection with bank people out of the blue there is call from the bank in my new number to pay the due amount.previously i was advised by a lawyer if the case is old more than 3 years the loan amount becomes null and void.Im penniless
Answers (1)
In the case of Money lent under an Agreement by the Bank, Article 19 of the Limitation Act, 1963 prescribes a limitation 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.
On the basis of your query, I am of the opinion that ICICI Bank cannot proceed now for the recovery of money, due to the recovery period being time barred but they will be at liberty to appropriate any money from your bank account at ICICI Bank , if ever in future you deposit any in such account of ICICI Bank towards appropriation of previous due.
Regards,
Sohail Haque
Advocate Sohail Haque
4.5| 10+ user ratings
High Court,
Kolkata
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