The Honourable Sri Justice C.V. Nagarjuna Reddy
Company Application No.545 of 2013 in
Company Petition No.151 of 2009
Dated: 16.04.2014
Between:
M/s. Turbo Bharath Ltd.
Rep. by its Official Liquidator, High Court of A.P., Hyderabad.
.. Applicant and M/s. Vijaya Laxmi Agencies, H.B.Colony, Backside of E.Seva, Indira Nagar, Moulali, Hyderabad.
.. Respondent Counsel for the applicant: Mr. M. Anil Kumar Counsel for Official Liquidator Counsel for the respondent: None appeared The Court made the following:
Order:
This application is filed to direct the respondent to pay the applicant a sum of Rs.1,42,443/- along with interest at the rate of 24 % per annum, with effect from 02.04.2008 till the date of realization.
The admitted facts are that the petition for winding up of the applicant- Company was presented on 12.08.2009 and the order of winding up was passed on 30.08.2010.
It is conceded by Mr. M. Anil Kumar, learned Counsel for the Official Liquidator, that the prescribed period of limitation for recovery of any debt due is three years from the date the right to apply accrues, as per Article 137 of the Schedule to the Limitation Act, 1963. The last date of transaction as per the record/ledger was 02.04.2008. In view of Section 441(2) of the Companies Act, 1956 (for short ‘the Act’), the winding up of a company shall be deemed to commence at the time of presentation of petition for winding up. Under Section 458A of the Act, notwithstanding anything contained in the Limitation Act, 1963, or in any other law for the time being in force, in computing the period of limitation prescribed for any suit or application in the name and on behalf of a company which is being wound up by the Tribunal, the period from the date of commencement of the winding up of the company to the date on which the winding up order is made (both inclusive) and a period of one year immediately following the date of the winding up order shall be excluded.
The Official Liquidator has calculated in all 5 years 18 days as the period to be excluded applying the above- mentioned statutory provisions. Even according to the Official Liquidator, if the said period of 5 years 18 days is excluded, the limitation for filing the present application has expired on 20-04-2013, whereas the present application was filed on 22-04-2013. Thus, there is a delay of two days in filing this application.
Therefore, this application is barred by limitation and the same is, accordingly, dismissed as such.
(C.V.Nagarjuna Reddy, J) Dt: 16th April, 2014 lur