Acknowledgment of Debt to Save Limitation (India) by OLL
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ACKNOWLEDGMENT OF DEBT TO SAVE LIMITATION
Registered A/D Dated:
From: To, Sh.______________
Sub.: ____________
Dear Sir,
I have received your letter-dated _____________
demanding Rs._____________
due from me on account of a bond dated________________
executed by me in favour of Sh. ______________________.
In this regard you are requested to grant me some more time. I shall be obliged if you will kindly wait for a further period of ________months,
within which time I shall be able to arrange for funds to pay the amount due to you.
Yours faithfully,
(Signed)____________
Address: ___________
This is a letter template used by a debtor to formally acknowledge an existing debt. Its primary purpose is to request an extension of time for payment while simultaneously resetting the legal limitation period for the creditor to claim the debt.
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About this template
What is this template?
This is a formal admission of liability used to stop a debt from becoming time-barred under the Limitation Act. It is not a settlement agreement or a waiver of the principal amount owed.
When should you use it?
Use this when a debt is nearing its three-year expiry and the debtor needs more time to pay, instead of a Promissory Note or a Full and Final Settlement Letter.
Who it's for
- a debtor in India seeking to prevent immediate legal action by admitting a debt
- a party needing to restart the three-year limitation period for debt recovery
How long it runs and how it's signed
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