Legal Question in Credit and Debt Law in India

I was having a Salary account in CityBank 7.5 years back .When I lost my job I stopped using the bank and forget about citybank.After 6.5 years i got a account statement that my outstanding is 85k.As per their statement i owed Rs.9000 from my ready credit account.How can i get out of this.Any statute limitation law is applicable in my case.I was not aware that i took the money last from Ready credit facility.How can i avoid the huge interest and settle the case.


Asked on 3/31/11, 12:33 am

1 Answer from Attorneys
Sanjay Kalra Sanjay Kalra & Associates

The limitation period to recover amount is 3 years . I hope you have not corresponded with the bank in the last 7 years .

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Answered on 3/31/11, 2:30 am


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