- Sarfaesi Action cannot be taken beyond the period of Limitation — Section 36 of Sarfaesi Act, 2002
- No secured creditor shall be entitled to take all or any of the measures under sub-section (4) of section 13, unless his claim in respect of financial asset is made within the period of limitation prescribed under the Limitation Act, 1963 (36 of 1963).
- Limitation Act 1963 applies to the Recovery of Debts and Bankruptcy Act,1993 —- Section 24 of the Recovery of Debts and Bankruptcy Act,1993
- The provisions of the Limitation Act, 1963, (36 of 1963) shall, as far as may be, apply to an application made to a Tribunal.
- Bar of Limitation —- Section 3(1) of the Limitation Act, 1963
3(1) Subject to the provisions contained in sections 4 to 24 (inclusive), every suit instituted, appeal preferred, and application made after the prescribed period shall be dismissed although limitation has not been set up as a defence.
- Extension of prescribed period in certain cases –— Section 5 of the Limitation Act, 1963
- Any appeal or any application, other than an application under any of the provisions of Order XXI of the Code of Civil Procedure, 1908 (5 of 1908), may be admitted after the prescribed period, if the appellant or the applicant satisfies the court that he had sufficient cause for not preferring the appeal or making the application within such period.
Explanation.-The fact that the appellant or the applicant was misled by any order, practice or judgment of the High Court in ascertaining or computing the prescribed period may be sufficient cause within the meaning of this section.
- Exclusion of time of proceeding bona fide in Court without jurisdiction –— Section 14(1) and Section 14(2) of the Limitation Act, 1963
14(1) In computing the period of limitation for any suit the time during which the plaintiff has been prosecuting with due diligence another civil proceeding, whether in a court of first instance or of appeal or revision, against the defendant shall be excluded, where the proceeding relates to the same matter in issue and is prosecuted in good faith in a court which, from defect of jurisdiction or other cause of a like nature, is unable to entertain it.
14(2) In computing the period of limitation for any application, the time during which the applicant has been prosecuting with due diligence another civil proceeding, whether in a court of first in- stance or of appeal or revision, against the same party for the same relief shall be excluded, where such proceeding is prosecuted in good faith in court which, from defect of jurisdiction or other cause of a like nature, is unable to entertain it.
- Effect of acknowledgment in writing –— Section 18(1) of the Limitation Act, 1963
18(1) Where, before the expiration of the prescribed period for a suit or application in respect of any property or right, an acknowledgment of liability in respect of such property or right has been made in writing signed by the party against whom such property or right is claimed, or by any person through whom he derives his title or liability, a fresh period of limitation shall be computed from the time when the acknowledgment was so signed.
- Effect of payment on account of debt –— Section 19 of the Limitation Act, 1963
- Where payment on account of a debt or of interest on legacy is made before the expiration of the prescribed period by the person liable to pay the debt or legacy or by his agent duly authorized in this behalf, a fresh period of limitation shall be computed from the time when the payment was made:
Provided that, save in the case of payment of interest made before the 1st day of January, 1928, an acknowledgment of the payment appears in the handwriting of, or in a writing signed by, the person making the payment.
Explanation. For the purposes of this section.-
(a) where mortgaged land is in the possession of the mortgagee, the receipt of the rent or produce of such land shall be deemed to be a payment;
(b) “debt” does not include money payable under a de- cree or order of a court.
- Period of limitation for a suit due on a mutual, open and current account, where there have been reciprocal demands between the parties —Article 1 of the Limitation Act, 1963
Article 1
| Description of suit | Period of limitation | Time from which period begins to run |
| For the balance due on a mutual, open and current account, where there have been reciprocal demands between the parties. | Three Years | The close of the year in which the last item admitted or proved is entered in the account; such year to be computed as in the account. |
- Period of limitation for a suit for money payable for money lent —Article 19 of the Limitation Act, 1963
Article 19
| Description of suit | Period of limitation | Time from which period begins to run |
| money payable for money lent | Three Years | When the loan is made |
- Period of limitation for a suit for money lent under an agreement that it shall be payable on demand —Article 21 of the Limitation Act, 1963
Article 21
| Description of suit | Period of limitation | Time from which period begins to run |
| For money lent under an agreement that it shall be payable on demand | Three Years | When the loan is made |
- Period of limitation for a suit by a Mortgagor –— Article 61 of the Limitation Act, 1963
Article 61
| Description of suit | Period of limitation | Time from which period begins to run |
| By a mortgagor-
(a) to redeem or recover possession of immova- ble property mortgaged;
(b) to recover possession of immovable property mortgaged and after- wards transferred by the mortgagee for a valua- ble consideration;
(c) to recover surplus coll- ections received by the mortgagee after the mort- gage has been satisfied | Three Years Twelve Years Three Years | When the right to redeem or to recover possession accrues. When the transfer becomes known to the plaintiff. When the mortgagor re-enters on the mortgaged property |
- Period of Limitation for a suit to enforce payment of money secured by a mortgage or otherwise charged upon immovable property Mortgagor –— Article 62 of the Limitation Act, 1963
Article 62
| Description of suit | Period of limitation | Time from which period begins to run |
| To enforce payment of money secured by a mort- gage or otherwise charged upon immovable property. | Twelve Years | When the money sued for becomes due |
- Period of Limitation for a suit by a mortgagee –— Article 63 of the Limitation Act, 1963
Article 63
| Description of suit | Period of limitation | Time from which period begins to run |
| By a mortgagee-
(a) for foreclosure.
(b) for possession of immovable property mortgaged.. | Thirty years Twelve Years | When the money secured by the mortgage become due.
When the mortgagee becomes entitled to possession. |
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- Period of Limitation for a suit for which no period of limitation is provided in the Limitation Act 1963 –— Article 113 of the Limitation Act, 1963
Article 113
| Description of suit | Period of limitation | Time from which period begins to run |
| Any suit for which no period of limitation is provided elsewhere in the Schedule of Limitation Act, 1963 | Three years
| When the right to sue accrues. |
