https://www.taxtmi.com/caselaws?id=284005 A statutory repeal-and-substitution clause can operate as an automatic amendment of existing enactments, rules, regulations and notifications, replacing the dissolved statutory body with its successor entities wherever its name appears. On that construction, the successor entities of the erstwhile Unit Trust of India were treated as public financial institutions under the Companies Act framework, which in turn brought them within the definition of financial institutions entitled to invoke recovery proceedings under the Debts Recovery regime. The original application before the Debt Recovery Tribunal was therefore maintainable. en-us Tue, 10 Aug 2004 00:00:00 +0530 Wed, 23 Oct 2019 14:17:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284005 A statutory repeal-and-substitution clause can operate as an automatic amendment of existing enactments, rules, regulations and notifications, replacing the dissolved statutory body with its successor entities wherever its name appears. On that construction, the successor entities of the erstwhile Unit Trust of India were treated as public financial institutions under the Companies Act framework, which in turn brought them within the definition of financial institutions entitled to invoke recovery proceedings under the Debts Recovery regime. The original application before the Debt Recovery Tribunal was therefore maintainable. Case-Laws Companies Law Tue, 10 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284005