Definition
The time period within which a legal action must be commenced. Under the Limitation Act, 1963, civil suits for money recovery must be filed within 3 years of the cause of action. DRT Original Applications under the RDDB Act must be filed within 3 years of the debt becoming due. SARFAESI enforcement has no separate limitation — it follows the bank's own NPA classification process.
Related Terms
RDDB ActOriginal Application
Need Expert Advice on Limitation Period?
For specific advice on how Limitation Period applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 25+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.
Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates