https://www.taxtmi.com/caselaws?id=97573 The HC ruled that forfeiture of shares created a new cause of action, making the banking company's claim within limitation under Article 115 of the Limitation Act. The court held that while remedy by suit for recovery of money due on the first call was time-barred under Article 112, the right to the amount was not destroyed. Time-barred debts remain owing, and forfeiture on 24th March 1954 gave rise to fresh liability. The respondents' objections were dismissed, and a payment order was passed against one party for Rs. 5,676-10-0 with interest. en-us Fri, 23 May 1958 00:00:00 +0530 Fri, 04 Jul 2025 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97573 The HC ruled that forfeiture of shares created a new cause of action, making the banking company's claim within limitation under Article 115 of the Limitation Act. The court held that while remedy by suit for recovery of money due on the first call was time-barred under Article 112, the right to the amount was not destroyed. Time-barred debts remain owing, and forfeiture on 24th March 1954 gave rise to fresh liability. The respondents' objections were dismissed, and a payment order was passed against one party for Rs. 5,676-10-0 with interest. Case-Laws Companies Law Fri, 23 May 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97573