Based on the provided legal document, the key points regarding the law of limitation and condonation of delay are as follows:

1. Un-condonable Delay: Delay that is un-condonable cannot be routinely condoned by courts. The law of limitation is a substantive law that prescribes a specific time frame within which proceedings must be initiated (!) (!) .

2. Condonation of Delay: Condonation is an exception to the rule and must be exercised judiciously. Courts are expected to consider whether the reasons for delay are substantiated and acceptable before exercising discretion (!) (!) .

3. Power of Discretion: While courts have the power to condone delay, this discretion must be exercised carefully, especially when the delay causes prejudice to the other party. The intention behind the delay and the impact on the other party are crucial considerations (!) (!) .

4. Short vs. Long Delay: Routine or mechanical condonation of short delays may be permissible, but long delays require a more cautious approach. Condoning long delays can prejudice the rights of the other party, especially if they have secured a decree years earlier and are unable to effectively contest the case (!) (!) .

5. Sufficient Reasons: The reasons furnished for delay must be sufficient, genuine, and acceptable. Insufficient or false reasons cannot justify condoning a long delay (!) (!) .

6. Principles for Condonation: The reasons for delay should be examined in light of principles such as bona fides, diligence, and the absence of mala fide conduct. Delay caused by deliberate inaction or dilatory tactics is unlikely to be condoned (!) (!) .

7. Public Policy and Equity: The law aims to balance the interests of justice and fairness. While a liberal approach is encouraged, it must not undermine the purpose of limitation laws, which is to prevent indefinite delay and protect the rights of parties who have acted diligently (!) (!) .

8. Prejudice to Opposite Party: Condoning long delays can cause prejudice to the other party, especially if they have lost the opportunity to contest the case effectively due to the delay. The impact on the other party’s rights is a significant factor (!) (!) .

9. Record of Reasons: Courts must record clear, cogent, and convincing reasons for exercising discretion to condone delay. Exercising discretion without proper reasoning can lead to injustice and is contrary to judicial principles (!) (!) .

10. Overall Approach: While the law favors a liberal approach to condoning delays, this is not an absolute rule. Each case must be decided on its facts, considering whether the delay was due to genuine reasons, the conduct of the parties, and the potential prejudice involved (!) (!) .

In summary, courts are expected to exercise their discretion judiciously, ensuring that delays are condoned only when justified by acceptable reasons and without causing undue prejudice to the other party. The law emphasizes the importance of fairness, bona fides, and sound legal principles in such decisions.