1. The question is whether this proceeding in misfeasance brought under S.543 of the Companies Act read with S.45-H of the Banking Companies Act by the liquidator of a banking company is in time,

2. The winding up petition was presented on 25th March 1949 and the winding up order was made on 10th December 1950, the liquidator being appointed for the first time on the same date. (There was a prior winding up order by the Bombay High Court on 27th September 1946 in respect of the British Indian Branches of the Bank which was incorporated in what was then known as the Indian State of Travancore and the appointment of a liquidator consequent thereto, but that may be ignored for the present purpose). On 9th December 1953 the then joint liquidators made a report, Report No. 10, in which they alleged that certain sums were due from the directors named in the report and prayed that proceedings may be started against them under S.235 of the Indian Companies Act, 1913. The present application was brought on 22nd May 1958 and, obviously with an eye on limitation, professes to be in continuation of Report No. 10 and the first argument advanced by the liquidator is that the misfeasan