Legal Question in Civil Litigation in India
One of my friend took a personal loan in december 2006 for his child’s education for which I became the guarantor. the amount was rs. 1,50,000/-.
he paid instalments till june 2007. unfortunately, he died in july 2007 and the emi got discontinued. no communication from bank since then.
In december 2011, I get a summons from civil court against a civil suit filed by bank for recovery of said loan as his legal heirs didn’t pay the loan. they have been traced and the bank doesn’t do anything to make them pay the amount instead pressurizing me to pay the amount.
the suit was filed in April 2010.
I am told that as a guarantor, I do not have the liability as the loan is now time barred as the guarantee was not renewed after 3 years nor suit filed within 3 years.
what is my legal position?
Can you please send me soft copy of the above said rule so that I can file the same in the court.
1 Answer from Attorneys
pl read limitation act on net
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