https://www.taxtmi.com/caselaws?id=97862 The misfeasance proceeding initiated by the liquidator of a banking company under section 543 of the Companies Act was deemed out of time as the actual application was filed beyond the five-year limit from the date of the winding-up order or the first appointment of the liquidator. The court clarified that the limitation period for misfeasance claims is twelve years from the accrual of the claim or five years from the appointment of the liquidator, governed by sub-section (2) of section 45-O of the Banking Companies Act. The argument for a further period under section 45-F was dismissed as the provision had been repealed before the application was filed. Claims were classified into contractual liability and misfeasance, with misfeasance claims limited to acts within twelve years preceding the application. en-us Tue, 11 Apr 1961 00:00:00 +0530 Wed, 18 Jan 2012 13:25:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97862 The misfeasance proceeding initiated by the liquidator of a banking company under section 543 of the Companies Act was deemed out of time as the actual application was filed beyond the five-year limit from the date of the winding-up order or the first appointment of the liquidator. The court clarified that the limitation period for misfeasance claims is twelve years from the accrual of the claim or five years from the appointment of the liquidator, governed by sub-section (2) of section 45-O of the Banking Companies Act. The argument for a further period under section 45-F was dismissed as the provision had been repealed before the application was filed. Claims were classified into contractual liability and misfeasance, with misfeasance claims limited to acts within twelve years preceding the application. Case-Laws Companies Law Tue, 11 Apr 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97862