https://www.taxtmi.com/caselaws?id=213375 An application under section 40 of the Industrial Reconstruction Bank of India Act, 1984 remained maintainable after repeal because the 1997 Repeal and Transfer Act preserved pending proceedings and continuing causes of action against the successor company. Section 4(4) saved existing proceedings relating to the Bank's undertakings and allowed enforcement as if the repealed Act had not been enacted, while section 13(2)(b) continued Chapter VIII, including section 40, for arrangements under section 18. The High Court erred in treating section 40 as unavailable merely due to repeal, and its rejection was set aside with the matter restored for decision on merits. en-us Wed, 05 Jan 2011 00:00:00 +0530 Wed, 16 May 2012 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213375 An application under section 40 of the Industrial Reconstruction Bank of India Act, 1984 remained maintainable after repeal because the 1997 Repeal and Transfer Act preserved pending proceedings and continuing causes of action against the successor company. Section 4(4) saved existing proceedings relating to the Bank's undertakings and allowed enforcement as if the repealed Act had not been enacted, while section 13(2)(b) continued Chapter VIII, including section 40, for arrangements under section 18. The High Court erred in treating section 40 as unavailable merely due to repeal, and its rejection was set aside with the matter restored for decision on merits. Case-Laws Companies Law Wed, 05 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213375