MARUTI LTD Vs. PARRY AND COMPANY LTD

JUDGEMENT

(1.) THE learned single judge has referred the following question of law after observing that the law laid down by the Full Bench of the Delhi High Court in Faridabad Cold Storage and Allied Industry v. Official Liquidator, Ammonia Supplies Corporation P. Ltd. [1978] 48 Comp Cas 432, has not been correctly laid down :

(2.) THE factual matrix raising the above question is : M/s. Maruti Limited was sought to be wound up by a petition dated May 16, 1977. A provisional liquidator was appointed on July 22, 1977, though final order for winding up was passed on March 6, 1978. The official liquidator preferred a claim petition under Section 446 (2) of the Companies Act (hereinafter referred to as the Act), on October 28, 1982, against the respondent--M/s. Parry and Co. Ltd. , contending that the last transaction took place on January 14, 1976, and the payment in account was alleged to have been made on April 14, 1978, by cheque, after deducting certain amounts. The amounts are alleged to have been admitted on June 25, 1979.

(3.) THE respondent urged that the cause of action had arisen on January 14, 1976, when the last transaction took place and even after giving the benefit of Section 458a of the Act, the claim is barred by limitation. The limitation for preferring the claim commenced on January 14, 1976, and hence the remedy became barred by time for its recovery even before the winding up order was passed. The cause of action having arisen, the date on which the winding up order was passed has no bearing so far as the cause of action is concerned. There is no reason to exclude the period for which the petition for winding up remained pending.