9911796707
TMI Blog2003 (4) TMI 430X X X X Extracts X X X X X X X X Extracts X X X X ..... of payment. 2. The facts briefly narrated are as follows : By an order dated 24-11-1999 in C.P. No. 131 of 1999, the Official Liquidator attached to the Court was appointed as a Provisional Liquidator of M/s. Pennar Paterson Limited and the Court further directed the Official Liquidator to recover the amounts from various parties to whom M/s. Pennar Paterson Limited had lent the moneys. 3. On verification of books of account, the Official Liquidator found that the first respondent herein under HPC No. 3350 entered into between him and the company in provisional liquidation had obtained loan for a sum of Rs. 16,59,960 for the purpose of purchasing plant and machinery, and agreed to repay the loan amount inclusive of interest in 36 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce, the plea of the 1st respondent being, the claim of the applicant is barred by limitation, it is obvious that there has been no gainsaying about obtaining of the loan and execution of hire purchase agreement, the promissory note and other collateral documents. As can be seen from the statement of affairs, the last date of payment of 7 instalments was on 7-7-1997. However, as per the case of the 1st petitioner, it was on 10-6-1997. Pausing here for a moment, it may be mentioned that the effect of the payment undoubtedly, is that it gives a fresh cause of action and the period of limitation shall have to be reckoned from the date of the last payment, be it 7-7-1997 as contended by the applicant or 10-6-1997 as contended by the respondent. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the company petition till the date of winding up order passed in the said application and a period of one year immediately following the date of winding up order shall have to be excluded while reckoning the period of limitation as provided under the Indian Limita- tion Act. It is, no doubt, true the period of limitation which begins to run on and from 10-6-1997 would continue to run, but for the purpose of reckoning the period of limitation as prescribed under the Indian Limita-tion Act, the period occupied by the company petition from the date of its filing till the date of its disposal and one year immediately following that date shall have to be excluded. The present application for recovery was filed on 31-7-2001. Therefore, from 10- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enforceable on the date of the winding up, after excluding the period, indicated under section 458A, so that the company or its shareholders will not suffer any loss..." (P. 77) For the above reasons, it is obvious that the whole of the period from the date of filing of the company petition till the date of winding up order passed therein, and in addition thereto a period of one year immediately following the date of winding up order shall have to be excluded from the period of limitation as prescribed under the provisions of the Indian Limitation Act. 13. The learned counsel for the respondent seeks to contend that since no winding up order has yet been passed by this court, the provisions under section 458A cannot be taken into cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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