Legal Question in Business Law in India
sir, what is the maximum time limit for a pronote? I gave 30000 as a loan to a friend on 12.04.2004 and again taken a fresh note on 18.10.2007..now the 3year period is to going to be completed by next 18 th..please advise me whether I should go for a legal notice within the period?
Asked on 9/16/10, 3:39 am
1 Answer from Attorneys
Vishwa Arya
Arya & Co.
Sir, if you have taken a fresh promissory note on 18th Oct 2007 then that is fine or else you were to renew the april 2004 note before 11.4.2007. the writing on 18th Oct 2007 will have no meaning if it is read with 12 4 2004.. However, if you take a stand of 18th October 2007 being a fresh note with receipt of funds, then you have a case till 17th October 2010. You must file case before that. So if notice is to be issued, the time is ripe for it.
Answered on 9/16/10, 4:11 am
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