Asia Resorts Limited vs Usha Breco Limited

The Supreme Court addressed the issue of limitation under Section 20 of the Arbitration Act, 1940, determining that the petition filed by the appellant was within the prescribed time limit. The Court held that correspondence between the parties constituted an acknowledgment under Section 18 of the Limitation Act, thereby extending the limitation period. The Division Bench's ruling that the petition was timely was upheld, affirming the validity of the arbitration agreement despite the respondent's claims of limitation and lack of a subsisting agreement.