Whether the Limitation Act apply to conciliation proceedings under Section 18 of the MSMED Act?

To start the discussion, Conciliation is not an adjudicatory or judicial process where the conciliator hears the parties and decides a dispute. Instead, the parties themselves resolve their disputes through a mutually agreed settlement, the terms of which may be arrived at with the assistance of the conciliator. The role of the conciliator is to guide and assist the parties in reaching a compromise or settlement, make proposals for settlement, formulate or assist in formulating the terms of settlement, and, if necessary, reformulate those terms based on the parties’ observations. The conciliator must act with independence, impartiality, objectivity, justice, equity, fair play, fairness, and confidentiality while considering the rights and obligations of the parties, trade usages, and business practices between them. He must also take into account the wishes of the parties and the need for the speedy settlement of the dispute. The parties, in turn, must cooperate with the conciliator in good faith and endeavour to comply with the conciliator’s requests. Once the settlement terms are finalized and recorded in a settlement agreement, it must be signed by the parties, and such agreement shall be final and binding on them, enforceable in the same manner as an arbitral award. Given the above, the question is whether the Limitation Act applies to Conciliation proceedings under Section 18 of the MSMED Act?