Deemed court winding up attracts limitation exclusion under Section 458A, making the liquidator's claim timely.

Section 526(2) of the Companies Act, 1956 deems a winding up continued under the supervision of the court to be a winding up by the court for all purposes. That deeming fiction attracts the exclusion of time under Section 458A, so the period from the commencement of winding up to the winding-up order, together with the further statutory year, is excluded in computing limitation. Applying that rule, the liquidator's claim was held to be within time and the limitation objection failed.

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Issues: Whether the liquidator's claim was barred by limitation and, for that purpose, whether an order continuing winding up subject to the supervision of the court attracted the statutory exclusion of time under the Companies Act.

Analysis: An order under Section 526(2) of the Companies Act, 1956, creates a legal fiction that a winding up subject to supervision of the court is to be treated, for all purposes, as a winding up by the court. Once that deeming provision applies, the consequences attached to a court winding up follow, including the exclusion of time prescribed by Section 458A. The period from the commencement of winding up to the winding-up order, and the further statutory period of one year, therefore stands excluded in computing limitation. On those facts, the claim filed by the liquidator was within time.

Conclusion: The objection based on limitation failed, and the claim was not time-barred.

Ratio Decidendi: Where a winding up is continued under the supervision of the court, Section 526(2) deems it to be a winding up by the court, thereby attracting Section 458A and excluding the relevant period from limitation.

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