Limitation in winding-up recovery claims: excluded time under Section 458A is added to Article 137, keeping the claim within time.

In a winding-up context, the Court treated the company's ledger entries, supporting testimony, and payment credits as sufficient to establish an outstanding loan balance, and rejected the respondent's unsubstantiated books-based challenge; the amount due was found payable with interest. On limitation, it held that the exclusion under Section 458A of the Companies Act operates in addition to the three-year period under Article 137, so the official liquidator's recovery claim was computed after excluding the winding-up period and the additional year, and was therefore within time. The respondent was held liable for the outstanding amount with interest.

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Issues: (i) Whether the amount with interest claimed in the petition was due from the respondent. (ii) Whether the petition was within limitation.

Issue (i): Whether the amount with interest claimed in the petition was due from the respondent.

Analysis: The claim was supported by the company's ledger accounts and the evidence of the ex-managing director and the official liquidator's witness. The respondent's books-related challenge was not substantiated, and the accounts showed payments credited against an original loan, leaving a balance outstanding. The respondent's version that only a committee amount had been taken was not accepted on the evidence.

Conclusion: The amount of Rs. 16,245 was held to be due from the respondent, and interest was also held payable.

Issue (ii): Whether the petition was within limitation.

Analysis: Section 458A of the Companies Act excludes the period from commencement of winding up to the winding-up order and one year thereafter from computation of limitation. The Court held that this exclusion operates in addition to the three-year period under Article 137, so the right of the official liquidator to recover the dues accrued from the winding-up order and the petition was not time-barred.

Conclusion: The petition was held to be within limitation and the objection of the respondent was rejected.

Final Conclusion: The respondent was held liable to pay the outstanding amount with interest at 12% per annum from the date of the last transaction until payment, and the claim petition succeeded.

Ratio Decidendi: In a company in winding up, the period excluded by Section 458A must be added to the limitation period under Article 137, and the official liquidator's recovery claim is within time if filed within that computed period.

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