Case Law Details
In respect of a legally enforceable claim, which could have been made by the company on the date on which the application for winding up is made, the Official Liquidator (OL) could file claim within a period of four years from the date of winding up order, by taking the benefit of one year period immediately following the date of the winding up order, as provided under section 458A of the Act and the three years period provided under Article 137 of the Limitation Act.
1. These appeals arise out of a common judgment dated 2-3-2001 of the learned Company Judge of this Court in C.C. Nos. 25/1994, 15/1994, 23/1994, 27/1994, 26/1994, 22/1994, 24/1994 and 2/1994 respectively in C.P. No. 57/1989. Since the issues raised are common we propose to dispose of these appeals by a common judgment.
2. The appellants in these appeals are the respondents in C.C.Nos.25/1994, 15/1994, 23/1994, 27/1994, 26/1994, 22/1994, 24/1994 and 2/1994 filed in C.P. No. 57/1989. By order dated 4-4-1990 in C.P. No. 57/1989 of the learned Company Judge M/s. Chandini Chits Private Ltd., a Company registered under the Companies Act, 1956 (hereinafter referred to as ‘the Act’) was ordered to be wound up and the Official Liquidator attached to this Court was appointed as the Liquidator of the Company. The winding up proceedings in C.P. No. 57/1989 commenced on 16-10-1989, the date on which the said Company Petition was filed before this Court. The order of winding up was passed on 4-4-1990. Thereafter, the Official Liquidator filed claims before the Company Court under clause (b) of sub-section (2) of section 446 of the Act.
3. The appellants in these appeals, who were respondents in those claims filed written statement contending, inter alia, that the claims are barred by limitation. However, the learned Company Judge by a common judgment dated 2-3-2001 rejected the said contention, relying on the judgment of a Full Bench of this Court in Ulahannan v. Wandoor Jupiter Chits (P.) Ltd. 1988 (2) KLT 636, and decreed the claims in part together with interest at the rate of 12% per annum from the respective due dates till realisation, from the assets of the firm M/s. Chandini Financiers, the 2nd respondent in these appeals, from the appellants and others who were arrayed as respondents in the Company Claim as its Partners, and also from the assets of the deceased respondents in the hand of their legal representatives. The said common judgment of the learned Company Judge dated 2-3-2001 is under challenge in these appeals.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
