LawforAll

Saturday, August 28, 2010

LIMITATION FOR RECOVERY OF BANK DEBT

PERIOD OF LIMITATION FOR RECOVERY OF DEBT DUE TO BANK IN TERMS OF RECOVERY CERTIFICATE ISSUED BY DEBTS RECOVERY TRIBUNAL, IS ONLY 4 YEARS BUT NOT 12 YEARS AS THE LIMITATION ACT IS NOT APPLICABLE - ANY PRESCRIPTION OF TIME IS ONLY DIRECTORY AND NOT MANDATORY-2010[4] ALT 484.