Law: Companies Act, 2017

Section: 310

Law: Limitation Act, 1908

Section: 181

Companies Act (XIX of 2017)--- ----S. 310---Limitation Act (IX of 1908), First Sched. Art. 181---Applications filed under the Companies Act, 2017---Limitation---There is no specific provision in the Limitation Act, 1908 which deals with the applications or proceedings filed under the Companies Act, 2017, except Art. 112 thereof, which deals with a call by a company registered under any Statute or Act therefore, the general provision dealing with the applications would be applicable to the applications filed under the Companies Act, 2017---General provision, which deals with the applications, where no period of limitation is provided in the Limitation Act, 1908, etc., is Art. 181 thereof---Any application filed under the Companies Act, 2017 would be governed by Article 181 of the First Schedule to the Limitation Act, 1908 and there would be a period of limitation of three years for such applications. JUDGMENT SYED HASAN AZHAR RIZVI, J.---Through this petition filed under subsection (14) of section 6 of the Companies Act, 2017 (the Act of 2017), leave has been sought against the order dated 12.12.2019 passed by the High Court of Sindh, Karachi, whereby C.M.A. No. 312 of 2019, J.C.M. No.15 of 2000 being misconceived was dismissed. 2. Facts, in brief, leading to filing of instant petition are that respondent No.1 (Bankers Equity Limited) and syndicate banks disbursed the financing facility to the petitioner (Messrs Bentonite Pakistan Limited) for setting up Bentonite clay manufacturing unit at Shiekupura Road, Lahore. Due to default committed by the petitioner and its guarantors, respondent No. 1 filed Suit No.44 of 2000 for recovery of Rs.183,757,756/- before the Lahore High Court, which was dismissed vide order dated 13.03.2002 on the ground that the statement of accounts attached with the plaint was not in accordance with the provisions of the Financial Institutions (Recovery of Finances) Ordinances, 2001. Being aggrieved of the above, Respondent No.1 filed R.F.A. No.579 of 2002 before the Lahore High Court, which too met with the fate of dismissal through order dated 24.02.2010. Respondent No.1 filed Civil Petition No.752-L of 2010 before this Court, which was…

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