Saving of existing powers ensures tribunal's statutory powers supplement, not supplant, recovery proceedings against contributories. Section 480 provides that powers conferred on the Tribunal under the Companies Act are in addition to, and not in derogation of, any existing powers to institute proceedings against any contributory or debtor, or their estate, for recovery of calls or other sums, thereby preserving concurrent remedies for recovery.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Saving of existing powers ensures tribunal's statutory powers supplement, not supplant, recovery proceedings against contributories.
Section 480 provides that powers conferred on the Tribunal under the Companies Act are in addition to, and not in derogation of, any existing powers to institute proceedings against any contributory or debtor, or their estate, for recovery of calls or other sums, thereby preserving concurrent remedies for recovery.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.