1. The first appeal is directed against judgment and decree dated 7.7.2006 passed by the learned Civil Judge, Senior Division No.3, Guwahati in Money Suit No. 4 of 2004 dismissing the suit on the point of limitation.

2. The Assam Industrial Development Corporation Ltd. ('Corporation') instituted Money Suit No.4 of 2004 in the Court of learned Civil Judge No. 3, at Guwahati against B.S. (Assam) Industries (P.) Ltd. and two others. The suit was for realization of a sum of Rs.1,49,12,742.83. It is stated in the plaint that on 21.6.1982, defendant' company applied for financial assistance for manufacturing three lakhs LPG cylinders from its plant to be set up in 12 acres of land belonging to one A.C. Barooah of Village-Gauripur, North Guwahati. The loan application was amended on many occasions and finally the target and production was fixed at one lakh fifty thousand LPG cylinders per annum. The plaintiff by its sanction order dated 20.1.1986 sanctioned a term of loan of Rs.66.8 lakhs and seed capital assistance of Rs.7 lakhs for the purpose. The defendant No.1 also accepted the terms and condition as mentioned in the sanction letter and thereupon adopted a resolution empowering to sig

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