https://www.taxtmi.com/highlights?id=77298 Recovery of time-barred debt - The Supreme Court reiterated that the Limitation Act only bars the remedy but does not extinguish the debt, aligning with precedents set in earlier Supreme Court judgments. - The judgment highlighted that specific recovery statutes are designed to operate independently of the Limitation Act, providing an alternative recovery mechanism that does not conform to the standard limitations period. - The Court seeks an authoritative pronouncement on these matters to ensure uniformity and clarity in the application of these laws, recognizing that such decisions could have wide-reaching effects on the legal and financial systems. - Matter placed before the Chief Justice to constitute an appropriate three-judge bench. en-us Fri, 10 May 2024 07:18:09 +0530 Fri, 10 May 2024 07:24:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77298 Recovery of time-barred debt - The Supreme Court reiterated that the Limitation Act only bars the remedy but does not extinguish the debt, aligning with precedents set in earlier Supreme Court judgments. - The judgment highlighted that specific recovery statutes are designed to operate independently of the Limitation Act, providing an alternative recovery mechanism that does not conform to the standard limitations period. - The Court seeks an authoritative pronouncement on these matters to ensure uniformity and clarity in the application of these laws, recognizing that such decisions could have wide-reaching effects on the legal and financial systems. - Matter placed before the Chief Justice to constitute an appropriate three-judge bench. Highlights Indian Laws Fri, 10 May 2024 07:18:09 +0530 https://www.taxtmi.com/highlights?id=77298