Please see the terms of the agreement between you and the bank.

The bank usually initiates the arbitration and then if the arbitration goes ex parte then the bank will file execution petition before DJ under order 21 rule 22 of CPC.

Regards

Any amount due to bank is recoverable and in no case bank will evade it. better get into the settlement and pay the bill other wise if recovery suit filed, u have to bear credit card bill plus interest plus litigation cost. Also negative CIBIL score .

while repayment also seek clear CIBIL score.

bank can claim the amount from you

2) your defence should be that claim is barred by limitation

yes, the bank can,

but before filing the case the bank is duty bound to issue a legal notice to you for demand their money back and if not able to pay within notice period then the bank have right to file a suit for recovery against you before the civil court within three years of the last cause of action.

Feel Free to Call

Dear Sir,

Your question is not actually clear,but I assume that you came into a settlement with the bank for a certain amount from the outstanding due and the rest has been waived off by the bank,and your question is whether the bank can claim the waived amount later.If you have came to a settlement get a letter of settlement from the bank clearly mentioning all the details of outstanding amount,waives off amount and other details relevant to the payments.If you have the letter with you you don't have to worry about that the bank will ask for any other payment in the future,but let me tell you if you are settling the loan with the bank it will reflect in your cibil that you have been settled the loan ,so it would be nearly impossible for you to get any future loans.

Regards

Adv.jinesh

Hi, if the bank has not recover the amount yet , it can take legal steps to recover the amount in future

Sir, generally the bank can not claim it since it is time barred. As per the limitation act the bank has to claim it within three years from the cause of action. But however they file condonation for late filing and in that case you will be sent summon to appear and file opposition affidavit.

Hope my reply helps you.

Limitation period for recovery of an amount is 3 years. In the present case, the Limitation for initiating any action would end on 6th May, 2016.

There are two exceptions to this. One, if you have given the Bank any acknowledgment of your debt within those there years, the Limitation period will run from the date of such acknowledgment. Second, if you have created any mortgage to secure the Credit Facility, then the Limitation period would be 12 years.

Please note that the Limitation period would stop running once the Bank has filed a case. So if the Bank has already filed a recovery suit before the limitation period ends, the suit will not be hit by the Laws of Limitation, even if you are yet to receive Notice/ Summons for the said Suit.

The claim is barred by limitation at this point of time however you make sure that you have not acknowledged the loan anytime within this three years.

If so then you can sigh a relief