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Issues: Whether a winding up petition under the Companies Act could be entertained and proceeded with by the High Court despite the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.
Analysis: A winding up proceeding is a remedy under the Companies Act and is directed to the question whether the company is liable to be wound up. It is not a proceeding for adjudication or recovery of a debt in the sense contemplated by the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The jurisdiction exercised in a winding up matter is confined to the statutory grounds under Sections 433, 434 and 439 of the Companies Act, 1956, and such a petition is not within the jurisdiction of the Tribunal constituted under the 1993 Act.
Conclusion: The objection based on the 1993 Act was rejected and the winding up application was admitted in the High Court.
Ratio Decidendi: A winding up petition under the Companies Act is not an application for recovery of debt and therefore is not excluded from the High Court's jurisdiction by the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.
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