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COMMUNITY Forum

By : N.K.Assumi
On : 29 May 2008

Limitation Act Versus Contract Act.

Under section 18 to 20 of the limitation Acts speaks about acknowledgement before the expiry of the prescribed period under the Act as per the Schedules. The practice of financial institutions is that Acknowledgement letter is obtain from the debtors under section 18 as a revival letter to avoid the limitation period to seek remedy from the Curt. Section 25(3) speak about fresh contract with a promise to pay time barred debts, now very often the creditor rely on the documents executed under section 18 of the limitation acts and read it into section 25(3) of the Contract Act against the debtors. If that is so, Limitation Act becomes meaningless. Can you all give your suggestions with rulings of the Hon'ble Supreme Court Rulings?

 

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