Section 5. Exclusion of time for limitation

In computing the period of limitation or limit of time prescribed for a suit for the recovery of a debt or an application for the execution of a decree passed in such suit, the time during which the institution of the suit or the making of the application was barred by section 3 or during which the plaintiff or his predecessor-in-title, believing in good faith that section 3 applied to such suit or such application, refrained from instituting the suit or making the application, shall be excluded.

Explanation.-The expression "good faith" shall have the meaning assigned to it in section 3 (22) of the General Clauses Act, 1897.