11. Suits on contracts entered into outs ide the territories to which the Act extends .—(1) Suits instituted in the territories to which this Act extends on contracts entered into in the State of Jammu and Kashmir or in a foreign country shall be subject to the rules of limitation contained in this Act.
(2) No rule of limitation in force in the State of Jammu and Kashmir or in a foreign country shall be a defence to a suit institut ed in the said territories on a contract entered into in that State on in a foreign country unless—
(a) the rule has extinguished the contract; and
(b) the parties were domiciled in that State or in the foreign country during the period prescribed by such rule. PART III COMPUTATION OF PERIOD OF LIMITATION