https://www.taxtmi.com/caselaws?id=311833 Claims by a bank for recovery of outstanding dues pending in civil court fell within the Act's definition of "debt" because the liability was alleged to be due, subsisting, and legally recoverable on the date of the application, whether secured or unsecured. The Act vested exclusive jurisdiction in the Debt Recovery Tribunal for such matters and barred civil court jurisdiction. Section 31 required automatic transfer of pending suits or proceedings that would have been within the Tribunal's jurisdiction if instituted after its establishment. The bank's pending suits were therefore proceedings for recovery of debt and stood transferred to the Tribunal by operation of law. en-us Wed, 15 Sep 1999 00:00:00 +0530 Tue, 16 Jan 2024 17:21:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311833 Claims by a bank for recovery of outstanding dues pending in civil court fell within the Act's definition of "debt" because the liability was alleged to be due, subsisting, and legally recoverable on the date of the application, whether secured or unsecured. The Act vested exclusive jurisdiction in the Debt Recovery Tribunal for such matters and barred civil court jurisdiction. Section 31 required automatic transfer of pending suits or proceedings that would have been within the Tribunal's jurisdiction if instituted after its establishment. The bank's pending suits were therefore proceedings for recovery of debt and stood transferred to the Tribunal by operation of law. Case-Laws Indian Laws Wed, 15 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311833