Limitation for liquidator's unpaid call money claim runs from winding-up order, with statutory exclusion periods applied.

For a liquidator's claim to recover unpaid call money, limitation under Article 137 of the Limitation Act, 1963 runs from the winding-up order, and section 458A of the Companies Act, 1956 requires exclusion of both the pre-order winding-up period and the one-year period after the order while computing time. On that basis, the claims were treated as within limitation. The article also notes that interest at twelve per cent was not supported by any company resolution authorising that rate; in the absence of such authority, only reasonable interest from the date of filing of the claim was justified, and the interest rate was reduced.

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Issues: (i) Whether the claims for unpaid call money filed by the official liquidator were barred by limitation; (ii) whether interest at the claimed rate was payable on the unpaid call amounts in the absence of any resolution authorising such interest.

Issue (i): Whether the claims for unpaid call money filed by the official liquidator were barred by limitation.

Analysis: The right of the official liquidator to realise the dues accrued only on the making of the winding-up order, and the applicable period of limitation was Article 137 of the Limitation Act, 1963. On the plain wording of section 458A of the Companies Act, 1956, both the period from the commencement of winding up to the winding-up order and the period of one year immediately following that order were to be excluded in computing limitation. The exclusion therefore operated from the winding-up order, and the liquidator was entitled to add both excluded periods to the three-year period under Article 137. The claims were filed within time.

Conclusion: The claims were not barred by limitation and the finding was in favour of the petitioner.

Issue (ii): Whether interest at the claimed rate was payable on the unpaid call amounts in the absence of any resolution authorising such interest.

Analysis: The claim for twelve per cent interest from the date of the winding-up order was not supported by any resolution of the company authorising such rate. In the absence of such authority, only reasonable interest from the date of filing of the claim was justified.

Conclusion: The claim for interest at twelve per cent was declined, and interest was confined to six per cent per annum from the date of filing of the claims.

Final Conclusion: The claims for unpaid call money succeeded, but the interest component was curtailed to a lower rate from the date of presentation of the claims, with costs awarded.

Ratio Decidendi: For a liquidator's claim to realise company dues, limitation under Article 137 begins on the winding-up order, and section 458A of the Companies Act, 1956 mandates exclusion of both the pre-order winding-up period and the subsequent one-year period while computing time.

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