https://www.taxtmi.com/caselaws?id=309957 In a chit transaction, limitation for recovery of defaulted instalments was held to run from the date of default, or when the contractual default consequences were triggered, rather than from termination of the contract. The chit clause made the prized subscriber liable, on continued default, to pay future subscriptions in consolidated form with interest, and the Court noted that cause of action arose on default unless the benefit was waived. The plaint was instituted more than three years after the relevant defaults, so it was correctly treated as time barred and its return was upheld. en-us Wed, 02 Mar 2005 00:00:00 +0530 Thu, 28 Sep 2023 12:04:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309957 In a chit transaction, limitation for recovery of defaulted instalments was held to run from the date of default, or when the contractual default consequences were triggered, rather than from termination of the contract. The chit clause made the prized subscriber liable, on continued default, to pay future subscriptions in consolidated form with interest, and the Court noted that cause of action arose on default unless the benefit was waived. The plaint was instituted more than three years after the relevant defaults, so it was correctly treated as time barred and its return was upheld. Case-Laws Indian Laws Wed, 02 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309957