https://www.taxtmi.com/caselaws?id=220790 A winding up petition under the Companies Act, 1956 is maintainable only where the underlying debt is legally recoverable and not time-barred. A barred claim cannot be enforced through the deeming fiction of inability to pay debts, and Section 5 of the Limitation Act, 1961 does not apply to such original proceedings. Time spent in earlier Bombay proceedings was not excluded in full because the claimant had already faced jurisdictional and service objections and still delayed further action. Even after the notice period and claimed exclusion, the petition remained beyond limitation, so the plea for exclusion of time was rejected. en-us Mon, 04 Feb 2013 00:00:00 +0530 Sun, 10 Feb 2013 09:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220790 A winding up petition under the Companies Act, 1956 is maintainable only where the underlying debt is legally recoverable and not time-barred. A barred claim cannot be enforced through the deeming fiction of inability to pay debts, and Section 5 of the Limitation Act, 1961 does not apply to such original proceedings. Time spent in earlier Bombay proceedings was not excluded in full because the claimant had already faced jurisdictional and service objections and still delayed further action. Even after the notice period and claimed exclusion, the petition remained beyond limitation, so the plea for exclusion of time was rejected. Case-Laws Companies Law Mon, 04 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220790