Legal Question in Business Law in India
I have given a loan by simple mortgage duly registered. what is the time limit to file a suit
Asked on 2/28/14, 3:16 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
01.03.2014
Dear Sir / Madam,
"Sue first". You may sue the borrower when there is a default in the repayment of three Equated Monthly Instalments (EMI's) on the loan, since it clearly indicates that the borrower has not intention whatsoever to repay the loan. You may also serve an eviction notice to the borrower if he / she is in possession of the property.
Regards,
Answered on 2/28/14, 7:22 pm
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