The Limitation Act, 1963 is a crucial legislation that prescribes time limits for filing lawsuits and legal proceedings to ensure timely justice and prevent stale claims. Replacing the earlier Limitation Act of 1908, this law consolidates and standardizes limitation periods for civil suits, appeals, and applications across India. The Act is based on the principle that "delay defeats equity", promoting legal certainty and preventing indefinite litigation. It categorizes different types of legal actions—such as contracts, property disputes, torts, and recovery claims—and specifies varying limitation periods (typically 3 to 12 years, depending on the case). Key provisions include extension of limitation in certain cases (e.g., fraud, disability), acknowledgment of debt (which resets limitation), and barring of suits filed after the prescribed period. The Act balances the rights of claimants and defendants, ensuring disputes are resolved while evidence remains fresh.