Under the Limitation Act, 1963, suit on a bill of exchange or promissory note payable at a fixed time…

The fixed-time instrument is governed by expiry of its payment period/maturity, rather than execution, a later demand or refusal. Article 31 runs from when the bill or note falls due; article 34 uses expiry of the fixed period for an instrument payable after sight or demand. Applicable days of grace under NI Act section 22 form part of determining actual maturity; the nominal calendar payment date must not be substituted for that due date.