https://www.taxtmi.com/caselaws?id=110551 Competing non obstante clauses in the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and section 529A of the Companies Act, 1956 were harmonised by distinguishing between amounts realised by the Debt Recovery Tribunal and sale proceeds already held by the Official Liquidator. Where the Tribunal has realised the debt, distribution follows the statutory mechanism under the 1993 Act through the Recovery Officer. Where sale proceeds remain in the Official Liquidator's hands in winding-up, distribution is made under section 529A under the supervision of the Company Court. The objections to the Official Liquidator's report were therefore not maintainable, and the distribution report was accepted. en-us Fri, 20 Aug 2004 00:00:00 +0530 Tue, 17 Apr 2012 14:10:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110551 Competing non obstante clauses in the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and section 529A of the Companies Act, 1956 were harmonised by distinguishing between amounts realised by the Debt Recovery Tribunal and sale proceeds already held by the Official Liquidator. Where the Tribunal has realised the debt, distribution follows the statutory mechanism under the 1993 Act through the Recovery Officer. Where sale proceeds remain in the Official Liquidator's hands in winding-up, distribution is made under section 529A under the supervision of the Company Court. The objections to the Official Liquidator's report were therefore not maintainable, and the distribution report was accepted. Case-Laws Companies Law Fri, 20 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110551