AJAY G. PODAR vs OFFICIAL LIQUIDATOR OF J.S.&W.M..

The Supreme Court ruled that 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 Section 543(2) constitutes a standalone provision regarding limitation for misfeasance actions and cannot be extended by invoking Section 458A of the Companies Act. Consequently, the proceedings initiated on 1.12.89 were deemed to be filed beyond the prescribed limitation period, leading to their dismissal.