1935 (1) TMI 20

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....tions. On the 15th February, 1930, these shares were, however, forfeited on default of payment of the first call. On the 30th June, 1930, the syndicate went into voluntary liquidation. An application having been made by the voluntary liquidators and others to this Court, a supervision order was passed under Section 221 of the Indian Companies Act and the case was sent to the District Judge for further proceedings. The respondents were placed by the liquidators on list 'B' of the contributories and as they failed to pay the amounts due from them, the liquidators applied to the District Judge for a payment order. On notices being issued, the respondents contested their liability on various grounds and urged inter alia that the liquidators' ap....

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....areholders as soon as the liquidation proceedings start. As laid down in several authorities on the subject as soon as a company goes into liquidation, this section saddles the shareholders with a new liability in respect of unpaid calls and such unpaid calls are recoverable at the intance of the liquidators though barred by time and though the company could not recover them. (See Indian Companies Act by Khanna, page 250). Reference may be made in this connection to Jagannath Prasad v. U.P. Flour & Oil Mills [1916] 1 LR 38 All. 347, Sorabji Jamsetji v. Ishwardas Jugjiwandas [1895] 1 LR 20 Bom. 654 and Hansraj Gupta v. Dehra Dun Mussourie Electric Tramway Co., Ltd .[1933] 3 Comp. Cas. 207 (All.). In Jaggannath Prasad's case (supra), a ....