“Law thus limiting suits are founded in the noblest policy. They are statutes of repose; to quiet titles to suppress frauds and to supply deficiency of proofs arising from the ambiguity or obscurity of the antiquity of transactions. They proceed upon the presumption that claims are extinguished or ought to be held extinguished, whenever they are not litigated in the proper forum (court) within the prescribed period.
They take away all solid grounds of complaint because they rest on the negligence or neglect of the party himself. They quicken diligence by making it in some measure equivalent to right. They discourage litigation by bringing in one common receptacle all the accumulation of past times which are unexplained, and have now, from lapse of time, become in applicable.” The Indian Limitation Act lays down definite rules of law giving to the people for whose benefit they have been framed a guarantee that after a lapse of certain period they may rest in peace and rely upon titles or other rights which they have acquired. Statutes of Limitation rest upon sound policy and tend to the Pease and welfare of the society.