HARIHAR NATH vs STATE BANK OF INDIA

The Supreme Court addressed the applicability of Article 137 of the Limitation Act, 1963, in relation to petitions under Section 446(1) of the Companies Act, 1956, for seeking leave to proceed with a pending suit. The Court held that the provisions of the Limitation Act apply to such petitions, establishing that the leave of the Company Court is necessary to proceed with suits against a company under winding up. The appeal was allowed, affirming the need for judicial permission to continue legal actions against the company in liquidation.