https://www.taxtmi.com/caselaws?id=109447 Article 1 of the Limitation Act applies only where a supplier's account with the buyer is truly mutual, open and current, with reciprocal demands on both sides. A one-sided running account, where the buyer merely pays for goods supplied and never becomes a debtor, does not satisfy that test. In such a case, Article 137 governs limitation, computed from each delivery, with section 458A of the Companies Act, 1956 relevant to exclusion of time in liquidation. Only invoices within time remain recoverable, and contractual interest may run at 12% per annum on the admitted amount after 30 days from delivery. en-us Tue, 21 Oct 2003 00:00:00 +0530 Tue, 10 Apr 2012 12:41:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109447 Article 1 of the Limitation Act applies only where a supplier's account with the buyer is truly mutual, open and current, with reciprocal demands on both sides. A one-sided running account, where the buyer merely pays for goods supplied and never becomes a debtor, does not satisfy that test. In such a case, Article 137 governs limitation, computed from each delivery, with section 458A of the Companies Act, 1956 relevant to exclusion of time in liquidation. Only invoices within time remain recoverable, and contractual interest may run at 12% per annum on the admitted amount after 30 days from delivery. Case-Laws Companies Law Tue, 21 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109447