https://www.taxtmi.com/caselaws?id=97999 An application by an official liquidator under section 469(1) of the Companies Act, 1956 could proceed only if the underlying claim was still a legally enforceable debt. The Court held that the provision is merely a summary mode of recovery and does not create a new liability or revive a time-barred claim; limitation therefore had to be tested as if the company had sued for the same amount. Because the liability arose when the debits were made, the claim was already barred under article 120 of the Limitation Act, 1908. The application was consequently barred by limitation and could not be entertained. en-us Fri, 08 Feb 1963 00:00:00 +0530 Wed, 18 Jan 2012 17:31:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97999 An application by an official liquidator under section 469(1) of the Companies Act, 1956 could proceed only if the underlying claim was still a legally enforceable debt. The Court held that the provision is merely a summary mode of recovery and does not create a new liability or revive a time-barred claim; limitation therefore had to be tested as if the company had sued for the same amount. Because the liability arose when the debits were made, the claim was already barred under article 120 of the Limitation Act, 1908. The application was consequently barred by limitation and could not be entertained. Case-Laws Companies Law Fri, 08 Feb 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97999