https://www.taxtmi.com/caselaws?id=300237 The court dismissed the petition for recovery of a loan amount as time-barred under Section 458A of the Companies Act, ruling that the claimant failed to file within the limitation period due to a dishonored cheque. The court found in favor of the company regarding the verification of the loan transaction, accepting documentary evidence establishing the amount as a loan. Interest entitlement was settled at six percent per annum instead of 12 percent, given the nature of the loan. The claim was ultimately dismissed, with no costs awarded to either party, concluding the legal proceedings. en-us Thu, 10 Feb 1972 00:00:00 +0530 Tue, 18 Jan 2022 12:22:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300237 The court dismissed the petition for recovery of a loan amount as time-barred under Section 458A of the Companies Act, ruling that the claimant failed to file within the limitation period due to a dishonored cheque. The court found in favor of the company regarding the verification of the loan transaction, accepting documentary evidence establishing the amount as a loan. Interest entitlement was settled at six percent per annum instead of 12 percent, given the nature of the loan. The claim was ultimately dismissed, with no costs awarded to either party, concluding the legal proceedings. Case-Laws Companies Law Thu, 10 Feb 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300237