LIMITATION-PERIOD | JAIIB LATEST MAY STUDY MATERIAL 2023
In this article, we will talk about the Limitation Period Act, of the JAIIB MAY 2023 EXAM. and the JAIIB MAY 2023 Study Material.
The IIBF administers the JAIIB test to help bankers and other financial professionals keep ahead of the competition. It has a total of 3 papers in its current syllabus & 3 papers that are further divided into modules and chapters make up this flagship course/examination. This online exam is open to both members of the institute and staff of some nationally renowned banks.
JAIIB EXAM is held biannually every year. The first exam of the year was held in May. The upcoming Exam will be held in May 2023.
Now let’s take our discussion forward with having an in-depth knowledge of the Limitation Period Act.
DEFINITION OF LIMITATION PERIOD ACT
It is a bill to codify and amend the statute of limitations for lawsuits and other legal actions, as well as for related purposes.
Except for the State of Jammu & Kashmir, it covers the entirety of India.
It shall go into effect on the first day that the Central Government may designate by the publication of a notice in the Official Gazette.
Unless the context dictates otherwise, this Act includes:
- An applicant which includes
- A petitioner.
- Any individual who an applicant receives his application rights from or via.
- Any individual whose estate the applicant is acting as executor, administrator, or another representative for.
- A petition is an “application.”
- A hundi and a check are included in a “bill of exchange.”
- Any document in which a person binds himself to pay money to another with the provision that the obligation is void if a certain action is performed, or not performed, as the case may be, is referred to as a “bond.”
- Any individual from whom or through whom a defendant obtains his liability to be sued is referred to as a “defendant.”
- Any individual whose estate the defendant is acting as executor, administrator, or another representative for.
- “Easement” refers to a non-contractual right that entitles one person to appropriate for his gain any portion of another person’s soil or anything growing on, affixed to, or existing on another person’s land.
- Any nation besides India is referred to as a “foreign country.”
- “Good faith” means that nothing that isn’t done with the proper care and attention is acceptable.
- Anyone from or through whom a plaintiff obtains his or her right to sue is referred to as the “plaintiff.”
- “Prescribed period” refers to the period of limitation calculated in accordance with the provisions of this Act. “Period of limitation” refers to the period of time prescribed by the Schedule for any lawsuit, appeal, or application.
- Any document wherein the maker unconditionally agrees to pay a specific amount of money to another at a time therein limited, on-demand, or upon sight is referred to as a “promissory note.”
- The term “suit” does not include a request or an appeal.
- “Tort” refers to a civil wrong that is not only the violation of a contract or a trust.
- A benamidar, a mortgagee who is still in possession after the mortgage has been paid off, or a person in wrongful possession without title are not considered trustees.
LIMITATIONS OF SUITS, APPEALS, AND APPLICATIONS
Expiration of prescribed period when a court is closed-
- If any suit, appeal, or application’s prescribed period expires on a day when the court is closed, the action may be commenced, preferred, or filed on the following day when the court reopens.
- Explanation: If a court remains closed on a given day for any portion of its regular business hours, it is regarded to be closed for purposes of this section.
Extension of the prescribed period in certain circumstances
- Any appeal or any application, other than one made according to Order XXI of the Code of Civil Procedure, 1908, may be admitted after the prescribed period if the appellant or applicant convinces the court that he had good cause for failing to file the appeal or submit the application within the prescribed period.
- Explanation: The absence of the appellant or applicant from any High Court order, practice, or decision in determining or computing the prescribed period may constitute sufficient cause for purposes of this section.
COMPUTATION OF LIMITATION PERIOD
Time is excluded from judicial proceedings.
(1) The day from which the limitation period is to be calculated is excluded from calculating the period of limitation for any lawsuit, appeal, or application.
(2) The day the judgment complained of was rendered and the time necessary to obtain a copy of the decree, sentence, or order appealed from or sought to be revised or reviewed shall be excluded when calculating the statute of limitations for an appeal, an application for leave to appeal, for revision, or review of a judgment.
(3) When an appeal is filed, a decree or order is sought to be changed or examined, or when a request is made for permission to appeal a judgment or order.
(4) The time required to get a copy of the award is eliminated for determining the statute of limitations for an application to set aside an award.
Explanation: Any time the court spent preparing a decree or order before an application for a copy was made is not disregarded for calculating the amount of time necessary to get a copy of a decree or order under this section.
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