Legal Question in Credit and Debt Law in India

what course of action can abank take if a loan is not paid for more than 7 years.?


Asked on 5/16/13, 4:01 am

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

16.05.2013

Dear Sir / Madam,

The bank can still file a recovery suit in the Court against the defaulter.

Regards,

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Answered on 5/16/13, 4:08 am
Jayesh Desai Jayesh Desai

If bank has not initiated any action for more then three years from last installment / payment and/or confirmation given by the borrower, then the debt would be barred by law of limitation and bank cannot do anything.

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Answered on 5/21/13, 8:00 am


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