https://www.taxtmi.com/caselaws?id=104251 A bank's claim is "debt" under the 1993 Act if it is a subsisting liability alleged as due and legally recoverable on the relevant date; prior adjudication by a civil court is not required. Sections 17 and 18 vest exclusive recovery jurisdiction in the Debts Recovery Tribunal, and section 31 automatically transfers pending civil suits for recovery of such debts when the Tribunal becomes competent. The Act's overriding clause in section 34 prevails over inconsistent laws. A defence based on insurance or guarantee did not, on its face, extinguish the principal liability or defeat the Tribunal's jurisdiction. The pending suits were therefore transferable to the Tribunal. en-us Wed, 15 Sep 1999 00:00:00 +0530 Tue, 03 Jun 2014 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104251 A bank's claim is "debt" under the 1993 Act if it is a subsisting liability alleged as due and legally recoverable on the relevant date; prior adjudication by a civil court is not required. Sections 17 and 18 vest exclusive recovery jurisdiction in the Debts Recovery Tribunal, and section 31 automatically transfers pending civil suits for recovery of such debts when the Tribunal becomes competent. The Act's overriding clause in section 34 prevails over inconsistent laws. A defence based on insurance or guarantee did not, on its face, extinguish the principal liability or defeat the Tribunal's jurisdiction. The pending suits were therefore transferable to the Tribunal. Case-Laws Companies Law Wed, 15 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104251