Legal Question in Credit and Debt Law in India
my father give Rs.10,000 to another person on credit basis in 1995. Aslo get writing on 5 rupees stam paper. my father passes away in 2010. But till date that person not paid that amount.
i try to go in court. so please suggest can we demand some extra payment for delaying money payment by that person. in stamp paper had not mentioned how day's after that person will paid.
2 Answers from Attorneys
I am sorry to say that there is law of limitation which provides that a claim for recovery of money could be filed within three years of the date of loan unless the loan had been acknowledged during these three years then in such case three years would run from the date of acknowledgment in writing.
Your case is hopelessly time barred. Do not waste good money by going to court.
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