https://www.taxtmi.com/caselaws?id=104456 Share application money received for allotment of shares is governed by Article 24 of the Limitation Act, 1963, as money received for the claimant's use, with limitation running from the date of receipt. Although the company bore the burden of proving repayment after admitting receipt and failed to establish that an earlier settlement covered the share application money, the refund claim was time-barred. A limitation-barred debt provides a valid defence to a winding-up petition founded on inability to pay debts; consequently, the winding-up petition could not be sustained. en-us Tue, 17 May 1994 00:00:00 +0530 Wed, 29 Feb 2012 11:53:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104456 Share application money received for allotment of shares is governed by Article 24 of the Limitation Act, 1963, as money received for the claimant's use, with limitation running from the date of receipt. Although the company bore the burden of proving repayment after admitting receipt and failed to establish that an earlier settlement covered the share application money, the refund claim was time-barred. A limitation-barred debt provides a valid defence to a winding-up petition founded on inability to pay debts; consequently, the winding-up petition could not be sustained. Case-Laws Companies Law Tue, 17 May 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104456