Limitation

Sreedhar garu,

Vigilantibus non dormantibus jura subvenient" means "The law helps those who are vigilant and not those who sleep over their rights".

The law of limitation is an exhaustive code. It does not create rights. It only bars the remedy. The act does not revive barred rights.

As the B company has made the last payment in 2009 after admiting its due in 2006 and 2007, suit can be filed for recovery of the dues

Mr Sreedhar

Certainly the suit will be in time. You have to refer to Sec. 19 and 20 etc of the NI Act. From a reading of your query, it is clear that there were payments during 2005 ,2006 and 2007. Interim payment after reminder is almost all an acknowledgment as contemplated under law.

Hence do not waste time on query and proceed legally.

If U have written confirmation that the interim payments in 2007 were made against the items purchased during 2004, then limitation gets extended/starts afresh for another 3 years .... limitation for filing recovery suits being 3 years .... Ur case is not time barred if and only if there is written confirmation from Co. B.