https://www.taxtmi.com/caselaws?id=96818 Section 230-A(5) of the Indian Companies Act empowers the Court to consider rescission of a contract and to fix damages on the application itself, and that relief must be examined on its merits in liquidation proceedings. Where the statutory remedy may still be available, the applicant cannot be sent at the threshold to a separate suit merely because ordinary insolvency procedure governs provable claims under Section 229. If the contract has already been rescinded, relief under Section 230-A may not lie and the claimant must pursue the ordinary winding up remedy, but that issue must first be decided on the application. en-us Thu, 22 Aug 1940 00:00:00 +0530 Wed, 11 Jan 2012 13:05:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96818 Section 230-A(5) of the Indian Companies Act empowers the Court to consider rescission of a contract and to fix damages on the application itself, and that relief must be examined on its merits in liquidation proceedings. Where the statutory remedy may still be available, the applicant cannot be sent at the threshold to a separate suit merely because ordinary insolvency procedure governs provable claims under Section 229. If the contract has already been rescinded, relief under Section 230-A may not lie and the claimant must pursue the ordinary winding up remedy, but that issue must first be decided on the application. Case-Laws Companies Law Thu, 22 Aug 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96818