P.T. Raman Nayar, J.

1. I have little doubt that S.5 of the Limitation Act, 1963 applies in a case like this; and, were I satisfied that there was sufficient cause within the meaning of that section, I would have allowed this application made thereunder. But I am not so satisfied and must therefore dismiss the application.

2. The proceeding instituted out of time is an application under S.543 of the Companies Act, 1956 read with S.45H of the Banking Regulation Act, 1949 against the directors and other officers of a banking company that is being wound up. The application is by the liquidator of the company. So far as the directors are concerned, the period of limitation is prescribed by sub-s.(2) of S.45 O of the Banking Regulation Act, and so far as the others are concerned, by sub-s.(2) of S.543 of the Companies Act. Sub-s.(2) of S.45 O of the Banking Regulation Act reads thus:

"(2) Notwithstanding anything to the contrary contained in the Indian Limitation Act, 1908 (9 of 1908), or S.543 of the Companies Act, 1956 Cl of 1956) or in any other law for the time being in force, there shall be no period of limitation for the recovery of arrears of calls from any director of a bankin