B PATTNAIK MINES PVT LTD Vs. BIJOYANANDA PATTNAIK

JUDGEMENT

(1.) On an application filed by respondent No. 8, the question of limitation was decided to be heard as a preliminary point.

(2.) M /s. B. Pattnaik Mines (Pvt.) Ltd. is a company which is under liquidation. The present application has been filed by the company representedby the official liquidator under Section 543 of the Companies Act, 1956, praying for making all necessary enquiries to be made and to assess the damages against the delinquent director of the company for whose misfeasance and breach of trust, the company lost its assets and was led to a situation for its liquidation.

(3.) LEARNED counsel appearing for the applicant has contended that the application would be within the period of limitation as a further period of one year would be available under Section 458A of the Act. It is urged by learned counsel appearing for respondent No. 8 that the applicant is not entitled to the extended period of one year under Section 458A of the Act inasmuch as the basic conditions necessary for the application of the said Section are absent in this case. Thus, the only question which requires to be considered for the purpose of limitation is whether Section 458A of the Act can be taken advantage of by the petitioner.