https://www.taxtmi.com/caselaws?id=101614 Past directors failed to institute recovery proceedings and allowed company debts to become time-barred, constituting misfeasance and breach of trust; under Section 543 of the Companies Act, 1956 the court examined their conduct on the liquidator's application and compelled contribution by way of compensation for the loss, awarding restitution of the outstanding debts and interest. The court treated the breach of duty causing non-realisation of assets as the operative basis for liability and granted a decree for recovery against the respondents with interest at 12% per annum. en-us Thu, 17 Sep 1987 00:00:00 +0530 Fri, 10 Feb 2012 13:41:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101614 Past directors failed to institute recovery proceedings and allowed company debts to become time-barred, constituting misfeasance and breach of trust; under Section 543 of the Companies Act, 1956 the court examined their conduct on the liquidator's application and compelled contribution by way of compensation for the loss, awarding restitution of the outstanding debts and interest. The court treated the breach of duty causing non-realisation of assets as the operative basis for liability and granted a decree for recovery against the respondents with interest at 12% per annum. Case-Laws Companies Law Thu, 17 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101614