https://www.taxtmi.com/caselaws?id=102098 Section 458A of the Companies Act, 1956 applies to a misfeasance application under section 543 by the official liquidator because the proceeding is instituted in the name of and on behalf of the company in liquidation. The exclusion period between commencement of winding up and the winding-up order, together with one year thereafter, must therefore be deducted in computing limitation. The Court further held that express sanction under section 457 was not necessary in the circumstances, and could in any event be implied where the application was made before the company court. On that basis, the application was within time and not barred by limitation. en-us Tue, 05 Mar 1991 00:00:00 +0530 Mon, 13 Feb 2012 16:51:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102098 Section 458A of the Companies Act, 1956 applies to a misfeasance application under section 543 by the official liquidator because the proceeding is instituted in the name of and on behalf of the company in liquidation. The exclusion period between commencement of winding up and the winding-up order, together with one year thereafter, must therefore be deducted in computing limitation. The Court further held that express sanction under section 457 was not necessary in the circumstances, and could in any event be implied where the application was made before the company court. On that basis, the application was within time and not barred by limitation. Case-Laws Companies Law Tue, 05 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102098