Companies Act, 1956 – Sections 433, 434, 433(e) and 434(1)(c) – Winding up Petition – Trigger of limitation – A winding up proceeding is a proceeding ‘in rem’ and not a recovery proceeding, the trigger of limitation, so far as the winding up petition is concerned, would be the date of default.
SUPREME COURT OF INDIA FULL BENCH JIGNESH SHAH AND ANOTHER — Appellant Vs. UNION OF INDIA AND ANOTHER — Respondent ( Before : R.F. Nariman, R. Subhash Reddy and Surya…