Banking · Law of Limitation

A bank loan was sanctioned and the Demand Promissory Note was executed on January 1, 2022. No subsequent payment or written acknowledgment of debt was made. What is the limitation period deadline for the bank to file a recovery suit in court?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1December 31, 2024✓
2January 1, 2025
3January 1, 2028
4December 31, 2025

Correct answer

December 31, 2024

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A bank loan was sanctioned and the Demand Promissory Note was executed on January 1, 2022. No subsequent payment or written acknowledgment of debt was made. What is the limitation period deadline for the bank to file a recovery suit in court?

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A bank loan was sanctioned and the Demand Promissory Note was executed on January 1, 2022. No subsequent payment or written acknowledgment of debt was made. What is the limitation period deadline for the bank to file a recovery suit in court?

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