https://www.taxtmi.com/caselaws?id=170184 Section 45-O(1) of the Banking Companies Act, 1949 was construed beneficially to protect a banking company in liquidation by excluding from limitation the period starting with presentation of the winding-up petition. Read with section 45-O(3), the provision was held to operate retrospectively, so it applied even where the petition pre-dated the amending Act and some claims had already become time-barred. The same exclusion also extended to execution proceedings for instalments falling due after the petition, because a narrower reading would defeat the statutory purpose of preserving the liquidator's recovery rights. The execution claim was therefore within time and the dismissal of execution was set aside. en-us Fri, 09 Apr 1965 00:00:00 +0530 Sun, 15 Nov 2015 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170184 Section 45-O(1) of the Banking Companies Act, 1949 was construed beneficially to protect a banking company in liquidation by excluding from limitation the period starting with presentation of the winding-up petition. Read with section 45-O(3), the provision was held to operate retrospectively, so it applied even where the petition pre-dated the amending Act and some claims had already become time-barred. The same exclusion also extended to execution proceedings for instalments falling due after the petition, because a narrower reading would defeat the statutory purpose of preserving the liquidator's recovery rights. The execution claim was therefore within time and the dismissal of execution was set aside. Case-Laws Companies Law Fri, 09 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170184