https://www.taxtmi.com/caselaws?id=103467 In liquidation claims governed by article 137 of the Limitation Act, the liquidator's right to apply accrues when the Supreme Court authorises filing of claims, and a later non-pressed special leave petition does not defer limitation. The exclusion under section 458A of the Companies Act and the three-month exclusion under section 15(3) of the Limitation Act are distinct and may be applied cumulatively. A chit fund business is not "banking" unless it satisfies the statutory indicia of banking, including acceptance of withdrawable deposits, so the special banking limitation rule does not apply. The relationship was treated as debtor and creditor, not a trust, so section 10 of the Limitation Act was inapplicable and the claim remained time-barred. en-us Mon, 14 Jun 1993 00:00:00 +0530 Wed, 22 Feb 2012 18:53:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103467 In liquidation claims governed by article 137 of the Limitation Act, the liquidator's right to apply accrues when the Supreme Court authorises filing of claims, and a later non-pressed special leave petition does not defer limitation. The exclusion under section 458A of the Companies Act and the three-month exclusion under section 15(3) of the Limitation Act are distinct and may be applied cumulatively. A chit fund business is not "banking" unless it satisfies the statutory indicia of banking, including acceptance of withdrawable deposits, so the special banking limitation rule does not apply. The relationship was treated as debtor and creditor, not a trust, so section 10 of the Limitation Act was inapplicable and the claim remained time-barred. Case-Laws Companies Law Mon, 14 Jun 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103467