ObjectiveMcq
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Assertion: The Limitation Act, 1963, allows for the acknowledgment of debt to extend the limitation period for initiating legal action to recover the debt.
Reasoning: This provision encourages debtors to acknowledge their obligations and provides creditors with an opportunity to enforce their rights within a reasonable timeframe.
Correct Answer: A — Both assertion and reasoning are correct, and the reasoning explains the assertion.
Oth assertion and reasoning are correct, and the reasoning explains the assertion. The Limitation Act, 1963, contains provisions regarding the time limits within which legal actions must be initiated for various types of claims, including debts.