https://www.taxtmi.com/caselaws?id=287713 The SC ruled that the Tribunal under the RDB Act has exclusive jurisdiction for adjudicating and executing recovery of debts, overriding the Companies Act. Leave from the Company Court is unnecessary for proceedings under the RDB Act. The sale proceeds from the company's assets should first satisfy workmen's dues, with the remainder going to Allahabad Bank. Canara Bank, lacking a decree or compliance with Section 73 CPC, cannot claim priority over the sale proceeds. The HC's order was set aside, and the appeal was allowed, directing the transfer of proceeds to the Debt Recovery Tribunal, Delhi. en-us Tue, 04 Apr 2000 00:00:00 +0530 Tue, 14 Jan 2025 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287713 The SC ruled that the Tribunal under the RDB Act has exclusive jurisdiction for adjudicating and executing recovery of debts, overriding the Companies Act. Leave from the Company Court is unnecessary for proceedings under the RDB Act. The sale proceeds from the company's assets should first satisfy workmen's dues, with the remainder going to Allahabad Bank. Canara Bank, lacking a decree or compliance with Section 73 CPC, cannot claim priority over the sale proceeds. The HC's order was set aside, and the appeal was allowed, directing the transfer of proceeds to the Debt Recovery Tribunal, Delhi. Case-Laws Indian Laws Tue, 04 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287713