https://www.taxtmi.com/caselaws?id=306670 A civil suit seeking a declaration that foreign exchange derivative agreements were void and unenforceable, together with consequential injunction, was held not maintainable because the same dispute could be raised as a defence before the Debt Recovery Tribunal. The court applied the statutory scheme of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, under which the Tribunal can decide the bank's recovery claim as well as the defendant's defence, set-off and counterclaim. Allowing a parallel civil action would risk conflicting findings and defeat the Act's objective of expeditious recovery. The injunction claim was also treated as barred, and the declaration was not an independent, effective remedy. en-us Tue, 01 Jul 2014 00:00:00 +0530 Sat, 18 Feb 2023 06:44:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306670 A civil suit seeking a declaration that foreign exchange derivative agreements were void and unenforceable, together with consequential injunction, was held not maintainable because the same dispute could be raised as a defence before the Debt Recovery Tribunal. The court applied the statutory scheme of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, under which the Tribunal can decide the bank's recovery claim as well as the defendant's defence, set-off and counterclaim. Allowing a parallel civil action would risk conflicting findings and defeat the Act's objective of expeditious recovery. The injunction claim was also treated as barred, and the declaration was not an independent, effective remedy. Case-Laws Indian Laws Tue, 01 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306670