https://www.taxtmi.com/caselaws?id=114044 The Debts Recovery Tribunal has exclusive jurisdiction over adjudication and execution of bank debts, and the company court cannot entertain applications to set aside a confirmed recovery sale or transfer those proceedings to itself. Where the company is in liquidation, sale of assets under the recovery statute may proceed if the official liquidator is notified and heard, and no leave of the company court is required. Once the auction sale is validly conducted, the bid amount is paid, and the sale is confirmed, pending challenges before the tribunal do not by themselves stay the purchaser's rights. The auction purchaser was therefore entitled to possession, and the official liquidator was directed to hand over the property. en-us Tue, 03 Mar 2009 00:00:00 +0530 Sat, 15 Nov 2014 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114044 The Debts Recovery Tribunal has exclusive jurisdiction over adjudication and execution of bank debts, and the company court cannot entertain applications to set aside a confirmed recovery sale or transfer those proceedings to itself. Where the company is in liquidation, sale of assets under the recovery statute may proceed if the official liquidator is notified and heard, and no leave of the company court is required. Once the auction sale is validly conducted, the bid amount is paid, and the sale is confirmed, pending challenges before the tribunal do not by themselves stay the purchaser's rights. The auction purchaser was therefore entitled to possession, and the official liquidator was directed to hand over the property. Case-Laws Companies Law Tue, 03 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114044