MARGARET LALITA SAMUEL vs INDO COMMERCIAL BANK LTD.

The Supreme Court addressed the issue of limitation under the Limitation Act, 1908, specifically Articles 57 and 115, in the context of a continuing guarantee executed by the defendant. The Court held that the limitation period for enforcing the guarantee begins when the creditor has the right to enforce the guarantee, which is contingent upon the debtor's default. The Court ruled that the suit filed by the bank was not barred by limitation as the acknowledgment of debt by the defendant extended the limitation period, thereby allowing the bank to recover the amount due.