Legal Question in Banking Law in India
I am 66 years old and a pensioner.My card default was referrred to LOK ADALAT,Chennal on 24/06/2014. The Bank would not accept my Rs.1.50 lakh in full and final payment against their claim of Rs.3 lakhs.in the LOK ADALAT.Court. (The last payment made by me was is February,2012)
After that till date the Bank has not sent any legal notice nor filed suit against me.
.On 09/03/2015 received e mail from the bank claiming Rs.14 lakhs as outstanding
The loan is now more than 3 years old. does my case fall under "Barred by Limitation Act,1963. Please reply.
1 Answer from Attorneys
15.09/2015
Dear Sir / Madam,
You have not mentioned what the Lok Adalat had ruled and what order had been passed which will be binding upon you and the Bank. Since there is a legal case in progress, it is not barred by the Limitation Act. You remain legally liable to repay and settle all your legitimate credit card dues owed to the Bank.
Regards,
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