Definition of amount and full liability
In Section 13(2) of Sarfaesi Act The word has written" Discharge in full his liabilities" I think it means to pay all the principal and Interest which is payable up to last EMI.Am I i it correct ?
In Section 31 ( J ) writes " amount due"
I have gone through Business Dictionary and other dictionary to find the meaning of " Amount Due" the answers were as under
1. Owed at present. It is often used to denote that a deadline for a payment is at hand. For example, a mortgage payment may be due on the first of every month 2..Usually, dues. a regular fee or charge payable at specific intervals,especially to a group or organization:
Now it is requested you to please clarify the meaning of Amount due. Whether this amount is due till to-day or it is up to 15 years ago.
I will be ever great full to you.