Legal Question in Credit and Debt Law in India
I would like to check how the bank calculate the period of three years in case of defaulter, is it from the date of loan or date of cheques. If the period of three years is over, will the bank do anything against individual? And if somebody is defaulter, can he/she be arrested at any Airport or is it valid only in that particular state. Reply asap.
Asked on 10/16/10, 1:07 am
1 Answer from Attorneys
Vishwa Arya
Arya & Co.
it is three years from the date of cheque if cheque is towards that loan. default of loan is a civil liability. but dishonour of cheque and non appearance before the court, then alone the court may issue a arrest warrant.
Answered on 10/17/10, 12:09 am
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