Legal Question in Credit and Debt Law in India
I defaulted on a credit card 10 years ago. amount was 50,000. as per limitation act, this become ir-recoverable and the account is supposed to be closed and cannot keep balooning. However, due to CIBIL Act being inappropriately deafted, some banks have taken advantage of it adn put a balooned amount of 11 lacs as outstanding. What is the remedy?
Asked on 1/22/10, 4:51 am
1 Answer from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
in case you the sufferer, you may approach the court and seek the defence of limitation.
Answered on 1/22/10, 4:55 am
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