Bounced cheque
12 Jun 2013, 16:32
In 2007 I took a loan from a few financial institutions and also issued post dated cheques as required to take the loans.
In February 2008 I left India and was unable to pay the loans. My post dated cheques also bounced.
I dont know if the creditor initiated legal charges against me. Since it is 2013 now, does the statute of limitations mean that I cannot be taken to court?
1 Reply
It depends on certain factors:-
1) when did you return to India?
2) Had you been issued with any Notice through any mode… even email?
3) Are the cheques bounced continuously even when they are presented subsequently till date?
You have stated that you do not know whether the creditor have initiated legal notices against you.
Had any of your family members been living at your residence address when you are away?
Did they receive any notice within 30 days from the date of presentation of any cheque? Or there had been any notice affixed on the entrance of your residence address or at some place where it is likely to be noticed? If so, most probably they had initiated charges against you, and you will be liable for that particular cheque.
A notice may also be issued within reasonable time after you have returned to India..
Your question whether limitation saves your liability, can be answered only after taking into consideration the complete details of the case
One advise is don’t do any part payment now