https://www.taxtmi.com/caselaws?id=96681 Section 156 of the Indian Companies Act, 1913 creates a statutory contribution liability in liquidation that is distinct from enforcing the original contractual debt arising from unpaid share calls. Former shareholders within its scope may be required to contribute unpaid share capital where existing members cannot meet the required contributions, even if a direct action on the call debt would be barred by limitation. Recovery under this statutory mechanism is confined to the unpaid capital amount. Contractual interest under the articles of association is unavailable because the claim is not for the original call debt, unless the statute permits interest. en-us Sun, 02 Jun 1935 00:00:00 +0530 Tue, 10 Jan 2012 12:48:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96681 Section 156 of the Indian Companies Act, 1913 creates a statutory contribution liability in liquidation that is distinct from enforcing the original contractual debt arising from unpaid share calls. Former shareholders within its scope may be required to contribute unpaid share capital where existing members cannot meet the required contributions, even if a direct action on the call debt would be barred by limitation. Recovery under this statutory mechanism is confined to the unpaid capital amount. Contractual interest under the articles of association is unavailable because the claim is not for the original call debt, unless the statute permits interest. Case-Laws Companies Law Sun, 02 Jun 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96681