Legal Question in Credit and Debt Law in India

I last used my card in 2005, and today on 20/02/12, I get a call from the bank, telling me I have to settle the amount. They gave me three choices, 1. Pay 23000, and get a settlement ( My Credit Limit was 15,000) 2. Pay 45000 and get cleared from both CIBIL and the bank. 3. Was not mentioned.
What are my legal Right here? What is the best option ? The last transaction from my side was in 2005. Presently Unemployed, and they want either of the payments by 25/02/2012. I have not admitted anything, but told them I will think about this and come back.

Asked on 2/20/12, 2:23 am

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They can recover amount through court with in three years from due date for more details u can contact m

Answered on 2/20/12, 4:54 am

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the debt is hopelessly time barred in case you have reported the loss of card to the police and the bank in 2005.

Answered on 2/20/12, 9:53 pm

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