Ajay G. Podar vs Official Liquidator Of J.S.&W.M.& Ors

The Supreme Court addressed whether misfeasance proceedings filed by the Official Liquidator under Section 543(1) of the Companies Act, 1956 were barred by the five-year limitation period specified in Section 543(2). The Court held that the limitation period of five years is specific to misfeasance proceedings and cannot be extended by invoking Section 458A of the Companies Act, which pertains to non-misfeasance proceedings. Consequently, the misfeasance proceedings filed on 1.12.89 were deemed to be within the limitation period, affirming the applicability of Section 543(2).