Recovery of unsecured loan after 3 years

HBJ Mumbai (Director) (125 Points)

17 June 2011  

We are a Pvt. Ltd. company. We had given unsecured loan to of Rs. 5 lacs to a friends company about 3 years back. Now they are not returning. Will this get time barred. We have had just given a cheque to them, there is no agreement or anything.