Legal Question in Civil Litigation in India

validity of the promissory note

one person took rs 50000 from me in oct 2002 for interest and promissory note for the same amount was given to me. He had paid rs 30000 in may 2004 and entry of the amount paid back was done on the promissory note (back side with his sign). Balance amount and interest are yet to be paid. at present he is refusing to pay and claiming that the validity of the promissory note has expired. pl advise the way to get back the money


Asked on 7/12/07, 10:15 am

6 Answers from Attorneys
G. M. Gupta gmguptaandassociates

Re: validity of the promissory note

its technical and ur limitation can be saved but contact immediately

For further detailed advice please contact personally. Consultation charges will apply.

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Answered on 7/17/07, 3:52 pm
Prabhat Shroff Shroff & Company

Re: validity of the promissory note

Since the last payment was made in May 2004, and now it is July 2007, i.e. three years have expired; your claim is now time barred.

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Answered on 7/13/07, 1:02 am

Re: validity of the promissory note

When your friend returned Rs.30,000/-You have a very short time.Contact with details.

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Answered on 7/12/07, 12:54 pm
PAWAN KUMAR

Re: validity of the promissory note

In payment of money the limitation act plays vital role,In your case the 3 yrs of time has been expired frm the receipt of part payment made by your friend. You try to solve the issue amicably with your friend, If your friend pays and obtain receipt of payment then contact the local lawyer with details for remaining course of action.

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Answered on 11/04/07, 7:07 am
Alok Sharma Alok Sharma & Associates

Re: validity of the promissory note

Sorry, you slept a little longer. I dont know what was the condition for repayment of the loan. On the facts given your limitation expired in April 2007. I think you will further be wasting your money if you are planning some litigation. However, you must consult some good civil lawyer with all your papers.

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Answered on 7/15/07, 1:50 am
birendra dash dash associates

Re: validity of the promissory note

You can file a moneysuit for realisation of balance amount.You can take advise from me rgarding this matter.

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Answered on 7/12/07, 10:07 pm


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