https://www.taxtmi.com/caselaws?id=108508 Amounts standing to the credit of a defaulter under exchange bye-laws cease to be attachable in the garnishee's hands once they vest in the Defaulters' Committee, because no subsisting debt remains due and payable to the defaulter or award-holder. A warrant of attachment under Order XXI, Rule 46 CPC cannot issue in the absence of an attachable debt on the relevant date. A SEBI circular requiring award amounts to be kept in a separate account does not create an enforceable right to attachment or payment where the statutory bye-laws have already operated, and it cannot be applied retrospectively to defeat that vesting. en-us Wed, 12 Mar 2003 00:00:00 +0530 Sat, 31 Mar 2012 18:49:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108508 Amounts standing to the credit of a defaulter under exchange bye-laws cease to be attachable in the garnishee's hands once they vest in the Defaulters' Committee, because no subsisting debt remains due and payable to the defaulter or award-holder. A warrant of attachment under Order XXI, Rule 46 CPC cannot issue in the absence of an attachable debt on the relevant date. A SEBI circular requiring award amounts to be kept in a separate account does not create an enforceable right to attachment or payment where the statutory bye-laws have already operated, and it cannot be applied retrospectively to defeat that vesting. Case-Laws Companies Law Wed, 12 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108508