Legal Question in Credit and Debt Law in India
Hi I have a question my father had executed a debt bond for borrowing 50K in 1999. My Mother had also signed on it. My Father had been paying interest on it till mid 2003 and paid back the principal in late 2003. He had negotiated to waive of the interest for few months, A friend of my father who had signed as witnesses did the negotiation kept the bond with him without returning it to us. In 2004 the friend along with lender moved a complaint in the station against us claiming the money was not paid and after some discussions the station said to move the complaint in court which the lender never did.
My question is,
The bond was last signed in 2003 does it still hold good ?
I am willing to gift a property to my mother.
Can the lender now cause trouble to us because my mother also co-signed in the original bond and the bond is also in his possession with him till now?
1 Answer from Attorneys
You may obtain a certified copy of the complaint made by them to the police. their claim, if any, may be barred by law of limitation if they lodged a claim in 2004.
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