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TMI Blog2023 (12) TMI 1372X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 446 of the Companies Act, 1956 The Act on behalf of the Official Liquidator OL against a debtor of the company (in liquidation) i.e., M/s Grandeur Interiors (P) Ltd., seeking recovery of an amount of Rs 80,00,000/- as principle, with interest @18% per annum till the date of realization, along with the Administration Expenses incurred by the Official Liquidator. BRIEF FACTS: 2. Shorn of unnecessary details, in the instant matter arising out of an application under section 433 & 434 of the Act, respondent namely, M/s Dimension Investment & Securities Ltd., was ordered to be wound up vide order of this court dated 03.06.2011, and thereby an Official Liquidator attached to this court has been appointed as its Liquidator. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 12.07.2012, and thereafter, on 01.06.2017 to pay the amount of Rs. 80,00,000/-, the debtor M/s Grandeur Interiors (P) Ltd. has failed to do the needful and has neglected to refund the said sum to the applicant company. 5. On the other hand, a reply has been filed on behalf of M/s Grandeur Interiors (P) Ltd. along with supporting affidavit of its Director dated 26.09.2018 wherein the application is opposed. It stated on behalf of the respondent/debtor that the order for the supply of modular kitchens/wardrobes was placed in the month of April 2018 and the payment in this regard was made on 10.04.2008; and thereafter, an order for the goods was placed by the respondent company with its counter-part in Italy, and it has been averred in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he provisions of the Limitation Act and in proceedings under the Act, the period of limitation would commence from the date of passing of order on winding up and excluding a period of one year immediately following the date of winding up order. The Supreme Court in the case of Karnataka Steel & Wire Products v. Kohinoor Rolling Shutters & Engg.Works (2003) 1 SCC 76 held as under: "4. On a plain reading of the provisions contained in Section 458-A of the Companies Act, it is crystal clear that the aforesaid provision merely excludes the period during which a company was being wound up by the court from the date of the commencement of the winding up till the order of winding up is made and an additional period of one year immediately follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd therefore, the initial period of limitation for re-claiming the amount was three years i.e., 10.04.2011, which of course was before the order of winding up was passed. 9. On a careful perusal of Section 458A of the Act, subsequent to the Provisional Liquidator being appointed and taking over the charge, the period of limitation for claiming the recovery of such amount commenced on 03.06.2011 and extended by another year, eventually, by all means expired on 03.06.2015. It is also borne out from the record that the present application by the OL has been filed on 26.10.2017. 10. Ex-facie, the application moved on behalf of the applicant / OL for recovery of the amount claimed alongwith interest is barred by limitation in terms of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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