All India Bar Examination (AIBE) 5-V Previous Year Question Papers with Answers

The correct option for the year 2013 is D: 30 years. 

This is based on Article 61 of the Limitation Act, 1963, which prescribes a period of 30 years to redeem or recover possession of immovable property mortgaged and time begins to run when the right to redeem or recover possession accrues. This article was cited in a case decided by the Supreme Court of India in 2002. The other options are incorrect because they are based on Article 61(b) of the Limitation Act, which applies to a different scenario where the immovable property mortgaged is afterwards transferred by the mortgagee for a valuable consideration. In that case, the period of limitation is 12 years and it begins to run when the transfer becomes known to the plaintiff.