![]() A large chunk is the pre-decided contribution to society funds earmarked for meeting various objects of the Society. In case of housing societies the dues by its members are defined under registered Bye-Laws of every housing society for the sake of simplicity as “the Society Charges” but they have more than one characteristic. In commercial parlance a debt owed by one person is income of the person to whom it is payable or it could be any amount due under a contract in relation to sale of goods/services properties for agreed value. A suit instituted and application made after the prescribed period shall be dismissed, although limitation has not been set up as a defence This is known as a suit for recovery of time barred debt. ![]() ![]() A suit for recovery of debts filed after three years is deemed to be a time barred suit. ![]() Cooperative society engaged in business of buying goods/services for its members, value recoverable from members for such supplies are called debt. ![]()
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