What is meaning and legal implication of time barred debt

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Reference no: EM133936022

Question

A loan of rupees 5 lakh given by Mohit to Kaku has become time barred. Mohit has approached you for advice about the following matters:

What is the meaning and legal implication of 'time barred debt'?

What is its legal impact on the rights of the creditor?

What formalities need to be complied with for validation of a time barred loan?

Which of the parties i.e., the debtor or creditor is /are competent to validate the time-barred debt?

Assuming that the creditor succeeds in recovering about 500 rupees a day before the last day for payment, will it have any impact on the application of time bar.

With the help of which rule will the intention to create legal relations be determined in the case of social and commercial agreements?

Reference no: EM133936022

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