Section 433 of the Companies Act, 2013 – Limitation

#section433

#companiesact2013

#limitation

#tribunal

#appellatetribunal

Section 433 of the Companies Act, 2013 provides that the Limitation Act, 1963 will apply to proceedings or appeals before the tribunal or the Appellate Tribunal.

Let's now briefly understand the object of the Limitation Act of 1963. The law of limitation provides a time restriction for enforcing a right in a court of law. The Act's schedule specifies the time limits for various types of lawsuits. This Act's fundamental objective is to prevent lengthy litigation and ensure that cases are resolved quickly, resulting in effective litigation. The Limitation Act of 1963 provides laws governing the computation of time for the limitation period, condonation of delay, and other such laws. There are 32 sections in the Limitation Act and 137 articles divided into ten parts. The law of limitation is a procedural law having retrospective action.