Limitation for promissory note recovery cannot be extended beyond permissible exclusion for winding up proceedings.

A claim for recovery on a promissory note was held time-barred because the three-year limitation period had expired from the date of execution. Only the period attributable to the winding up proceedings, together with the additional exclusion allowed under section 458A of the Companies Act, 1956, could be excluded. The actual time taken to file the claim petition still exceeded the permissible excluded period, and no further extension was available in the absence of a plea under sections 19 or 20 of the Limitation Act, 1963. The claim petition was dismissed with costs.

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Issues: Whether the claim petition for recovery on the promissory note was barred by limitation after excluding the period spent in winding up proceedings under section 458A of the Companies Act, 1956, and in the absence of any plea under sections 19 or 20 of the Limitation Act, 1963.

Analysis: The limitation period for recovery of the amount due on the promissory note expired three years from the date of execution of the note. The petitioner was entitled to exclude only the period attributable to the winding up proceedings and the additional period allowed by section 458A of the Companies Act, 1956. The time actually taken in filing the claim petition exceeded the permissible excluded period, and no extension could be claimed under sections 19 or 20 of the Limitation Act, 1963.

Conclusion: The claim petition was time-barred and was dismissed with costs.

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