Hazi Raunak Ali Khan vs Uco Bank, Bulandshahr And Another on 27 May, 1999
In M/s. Malini Rao v. Hotel Dwaraka and others, (1997) 90 Comp Cases 179, where a petition was filed under Section 583(4) of the Companies Act. 1956 for winding up of the respondent company on the ground that the petitioner was a partner of the firm by virtue of partnership deed and on the death of her father, who was one of the partners, the firm stood dissolved and the other respondent Nos. 2 to 12 continued the business but they having not settled or rendered accounts the company was liable to be wound up under clause (a) of subsection (4) of Section 583 of the Companies Act, 1956 which provides that the Court can pass order for winding up if the company is dissolved or has ceased to carry on business and is carrying on business only for the purpose of winding up, the Court held that the cause- of action for filing the winding up petition arose when the firm stood dissolved on the death of the partner and the application having not been filed within a period of three years as provided under Article 137 of the Limitation Act, 1963, it was barred by time.