📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      Section 24 of the Act provides that the limitation

      period for applications to the Tribunal is governed by:
      A A special 3-year limitation period exclusively prescribed under the RDB Act Correct Answer Incorrect Answer
      B The Limitation Act, 1963 (36 of 1963), as far as may be applicable Correct Answer Incorrect Answer
      C The Code of Civil Procedure, 1908 Correct Answer Incorrect Answer
      D The Specific Relief Act, 1963 Correct Answer Incorrect Answer
      E No limitation period - applications can be filed at any time Correct Answer Incorrect Answer

      Solution

      Section 24 provides that the provisions of the Limitation Act, 1963 shall, as far as may be, apply to an application made to a Tribunal. The phrase 'as far as may be' introduces contextual flexibility. The standard limitation for recovery of money under the Limitation Act's Schedule is 3 years. Provisions relating to acknowledgment of debt, part-payment, and disability that extend or revive limitation under the Limitation Act also apply to DRT applications. This means a banker's confirmation letter or part-payment by the borrower will revive the limitation period, which is commercially significant for banks managing NPA recovery strategies.

      Practice Next
      More Banking Related Laws Questions
      ask-question