https://www.taxtmi.com/caselaws?id=103835 A later special recovery statute governing banks and financial institutions was treated as overriding the Companies Act, 1956 in respect of pending recovery proceedings by secured creditors. On that basis, the company court's power under section 446 to stay, withdraw, or require leave for those suits was excluded, and continuation before the specialised forum did not require leave. For the same reason, permission under section 537 was also unnecessary for execution or continuance of the proceedings. However, the winding up court could still make ancillary directions to protect the liquidation process, including requiring secured creditors benefiting from the assets to contribute towards the official liquidator's necessary winding up expenses. en-us Fri, 14 Mar 1997 00:00:00 +0530 Fri, 24 Feb 2012 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103835 A later special recovery statute governing banks and financial institutions was treated as overriding the Companies Act, 1956 in respect of pending recovery proceedings by secured creditors. On that basis, the company court's power under section 446 to stay, withdraw, or require leave for those suits was excluded, and continuation before the specialised forum did not require leave. For the same reason, permission under section 537 was also unnecessary for execution or continuance of the proceedings. However, the winding up court could still make ancillary directions to protect the liquidation process, including requiring secured creditors benefiting from the assets to contribute towards the official liquidator's necessary winding up expenses. Case-Laws Companies Law Fri, 14 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103835