The court held that recovery of a debt is not subject to the provisions of the Limitation Act.  That Needless to say there was principal/agent relationship between the second respondent and the applicant. According to the law of agency, if an agent had authority to establish privity of contract between the principal and the other contracting parties, as in the case of the applicant, the second respondent and the first respondent, in our instant case, the foreign principal may sue on a contract concluded by a local agent on its behalf.