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The Limitation Act 1963
Period of limitation is a period of time within which a party can institute a suit in the court. A party cannot institute a suit if the period of limitation has EXPIRED.
Eg: Once the statutory period expires, the true owner will relinquish all legal rights over the property.
The period of limitation starts from when the work is done or when neglect comes to knowledge or from when the property is wrongfully taken etc. It varies depending on the situation and the time frame also varies.
Suits Relating to Accounts Read More…