Limitation in official liquidator claims after winding up runs under Article 137 with Section 458A, while interest waiver may be refused.

A claim by an official liquidator for recovery of company debt after winding up was treated as a special proceeding, not an ordinary suit. Limitation was held to stop running on presentation of the winding-up petition and to revive after the winding-up order, so the claim fell within Article 137 of the Limitation Act read with the additional period under Section 458A of the Companies Act, 1956. The claim was therefore within limitation. The request for instalments was allowed on a lenient approach, but waiver of interest was refused because the respondent was attributable with notice of the winding up and retained the use of the money for years.

---

---

Issues: (i) Whether the claim application filed by the official liquidator was barred by limitation; (ii) Whether the respondent was entitled to waiver of interest and payment by instalments.

Issue (i): Whether the claim application filed by the official liquidator was barred by limitation.

Analysis: The claim proceeding by the official liquidator was treated as a special proceeding and not as an ordinary suit for recovery of money. Limitation against the company was held to stop running on the presentation of the winding up petition and to revive only after the winding up order. On that basis, the right to enforce the debt accrued only after the winding up order, and the claim was held to fall within the residuary period under Article 137 of the Limitation Act, together with the further period available under Section 458A of the Companies Act, 1956.

Conclusion: The claim was within limitation and the objection was rejected.

Issue (ii): Whether the respondent was entitled to waiver of interest and payment by instalments.

Analysis: The request for instalments was viewed leniently, while the request for waiver of interest was rejected because notice of the winding up and the liability to pay the company's debt were held to be attributable to the respondent, and the use of the money over the years justified interest.

Conclusion: Instalment payment was permitted, but waiver of interest was refused.

Final Conclusion: The claim application succeeded, with the decretal amount made payable in equal instalments and the respondent remaining liable for interest.

Ratio Decidendi: A claim by an official liquidator for recovery of a company debt after winding up is a special proceeding governed by Article 137 of the Limitation Act, and limitation is computed with reference to the winding up petition and the additional period under Section 458A of the Companies Act, 1956.

---