What is the ultimate limitation period for claims under the Limitations Act, 2002?

The ultimate limitation period for claims under the Limitations Act, 2002 is 15 years from the day of the act or omission. This means that regardless of the specifics of a claim, once 15 years have passed since the event that gave rise to the claim, the right to pursue legal action is barred. This principle ensures finality and stability in legal relationships after a considerable amount of time has lapsed, allowing individuals and entities to operate without the constant threat of being sued for actions taken long ago.

This provision is significant as it encourages timely resolution of disputes and helps to maintain the integrity of evidence, as memories may fade and documents can be lost over an extended period. The long period serves as a safety net for certain types of claims that may not be immediately actionable or easily discovered. Understanding this limitation is crucial for both legal practitioners and clients as it affects the strategy for bringing forth or defending against potential claims.