Legal Question in Credit and Debt Law in India

hello sir,

Person B lends a business loan of Rs 10 lac (cheque payment) during OCTOBER 2007, to person Z, making a promissory note and taking signature of Person Z on a revenue stamp on that same promissory note. Person B passed away in the year 2009 but his firm still exists. Now person Z refuses to pay back the money to person B's family.

Does the promissory note lapse after 3 years time period? What legal action can Person B's family take Against Person Z ? Please advice a way out to secure justice for person B's family.


Asked on 3/11/11, 8:10 pm

1 Answer from Attorneys
Sanjay Kalra Sanjay Kalra & Associates

Family can file a suit for recovery against the person who has taken loan from the person B. When was the loan given by B to Z this would gives you the limitation period to file the above mentioned suit. The limitation period is 3 years.

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Answered on 3/12/11, 1:04 am


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