Limitation for company claims under winding-up depends on the underlying cause of action, not the winding-up order date.

Section 446(2)(b) of the Companies Act, 1956 confers jurisdiction on the winding-up court to entertain claims by or against the company, but it does not create a fresh cause of action or a special limitation period. Limitation must be determined by the nature of the underlying claim and the corresponding article of the Limitation Act, 1963; article 137 applies only residually where no specific article fits. A claim already barred before commencement of winding-up proceedings is not revived by the winding-up order, and section 458A only excludes the prescribed periods in computation. The relevant date is when the right to recover arose, not the date of the winding-up order.

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Issues: What is the correct period of limitation for claims under section 446(2)(b) of the Companies Act, 1956, and whether limitation must be computed from the date of the winding up order or with reference to the nature of the underlying claim and the relevant article of the Limitation Act, 1963.

Analysis: Section 446(2)(b) confers jurisdiction on the court winding up the company to entertain claims by or against the company, but it does not create a fresh cause of action or prescribe a special limitation period. The limitation applicable to a claim under that provision depends on the nature of the claim and the corresponding article in the Limitation Act, 1963. If no specific article applies, article 137 governs. The enforceability of the claim has to be judged with reference to the date when the company's right to recover arose and whether the claim was already barred when winding up proceedings commenced. Section 458A only excludes the prescribed periods in computing limitation; it does not revive claims already time-barred before commencement of winding up. The right to apply does not arise merely because a winding up order is passed or a provisional liquidator is appointed.

Conclusion: The limitation period is determined by the relevant article of the Limitation Act, 1963 applicable to the nature of the claim, with article 137 applying only residually, and the period is not to be reckoned from the date of the winding up order.

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