https://www.taxtmi.com/caselaws?id=110275 Proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and a winding up petition under the Companies Act, 1956 operate in different fields. The recovery statute concerns adjudication and recovery of debts through the Tribunal and Recovery Officer, while a winding up petition seeks a declaration of commercial insolvency and dissolution of the company. Because the Tribunal has no jurisdiction to order winding up and the Company Court does not exercise recovery jurisdiction, the remedies are distinct and mutually exclusive. Pending recovery proceedings before the DRT therefore do not bar a bank or financial institution from presenting or pursuing a winding up petition under the Companies Act, 1956. en-us Tue, 23 Nov 2004 00:00:00 +0530 Mon, 16 Apr 2012 10:47:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110275 Proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and a winding up petition under the Companies Act, 1956 operate in different fields. The recovery statute concerns adjudication and recovery of debts through the Tribunal and Recovery Officer, while a winding up petition seeks a declaration of commercial insolvency and dissolution of the company. Because the Tribunal has no jurisdiction to order winding up and the Company Court does not exercise recovery jurisdiction, the remedies are distinct and mutually exclusive. Pending recovery proceedings before the DRT therefore do not bar a bank or financial institution from presenting or pursuing a winding up petition under the Companies Act, 1956. Case-Laws Companies Law Tue, 23 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110275