Supreme Court Clarifies: Limitation Act Limits Debt Recovery Remedies, Does Not Extinguish Debt; Calls for Consistent Rulings.

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....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.....