9911796707
TMI Blog1963 (2) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... acceptable in respect of the specified items of debits by the French company against the company in liquidation. In view of this order, there can be no question about the liability of the respondent. But the application is resisted on the ground that it is barred by time. Though it is filed under section 460(4) of the Companies Act, 1956, it is contended for the respondent that if the claim is regarded as one arising out of misfeasance, section 543(2) of the Companies Act prescribes a period of five years, and that if the claim is regarded as one falling within the purview of section 469 of that Act, even so, since any suit by the company would have been barred, the same principle should govern this application too. It seems to me that hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpanies Act, 1956 It is true that the application under section 464 is not a suit or an application within the purview of any of the articles in the Indian Limitation Act of 1908. Referring to this aspect, the Privy Council in Hansraj Gupta v. Official Liquidator, Dehra Dun Mussourie Electric Tramway Co. Ltd, (In Liquidation) [1933] 3 Comp. Cas. 207 , observed that an application under section 186 of the old Act could not be regarded as a "suit instituted" or an "application made" under section 3 of the Indian Limitation Act, 1908. Even so, the Privy Council went on to observe: "There is, however, another aspect of the case in which the last mentioned Act (the Limitation Act) plays a most important part, and that is in considering whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in liquidation, in respect of their acts of misfeasance. The learned judges of the court held that the application was time-barred, whether article 36 or article 120 of the Limitation Act applied to the case. But what is important to note is that although the application was made under section 235 of the Companies Act of 1913, the learned judges considered that the question of limitation for the claim to be allowed should be viewed from the standpoint of article 36 or article 120. In my judgment, therefore, though the instant application itself may not fall, as I already indicated, under any one or the other of the articles of the Limitation Act, inasmuch as only an amount due can be ordered to be paid under section 469 of the Companies Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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