https://www.taxtmi.com/caselaws?id=195309 The High Court of Calcutta set aside an order of the Company Law Board (CLB) restraining a company from making payments to creditors, emphasizing that the CLB must operate within its statutory authority. The court found that the CLB lacked explicit authorization to issue such orders under Sections 237, 247, and 250 of the Companies Act, clarifying that the purpose of the proceedings was for investigation, not adjudication on liabilities. The judgment stressed the importance of tribunals staying within their statutory powers and not exceeding jurisdiction, remanding the matter for reconsideration within the CLB's prescribed limits. en-us Mon, 14 Sep 2015 00:00:00 +0530 Thu, 26 Oct 2017 08:33:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195309 The High Court of Calcutta set aside an order of the Company Law Board (CLB) restraining a company from making payments to creditors, emphasizing that the CLB must operate within its statutory authority. The court found that the CLB lacked explicit authorization to issue such orders under Sections 237, 247, and 250 of the Companies Act, clarifying that the purpose of the proceedings was for investigation, not adjudication on liabilities. The judgment stressed the importance of tribunals staying within their statutory powers and not exceeding jurisdiction, remanding the matter for reconsideration within the CLB's prescribed limits. Case-Laws Companies Law Mon, 14 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195309